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*Good morning/afternoon everyone!*
Its a quiet start to what could be another busy day in the FX market. The Fed will be releasing its monetary policy report at 11am NY time and this is viewed as a blueprint for Jerome Powell’s speech next week. Canadian consumer prices are also due for release and as usual, investors will be watching equities which are poised for a stronger open. The U.S. dollar is trading higher against many of the major currencies (EUR, CHF, CAD, AUD and NZD) but it continues to struggle versus the JPY. Claims of victory at the latest Brexit negotiations by both sides provided a momentary lift to sterling and we expect the single currency to outperform its peers today. Its the end of the week so there’s risk for reversals but there’s been no clear direction in stocks so not much incentive for profit taking or liquidation.
*The MAIN THEMES I see today are*
+USD, +CAD, -EUR, -JPY, -CHF
*Today’s Initial Trades*
Here’s the summary –
1. Sell USDCAD at 1.2700, Stop at 1.2728, Target 1.2672
2. Buy EURNZD at 1.6865, Stop at 1.6837, Target 1.6893
3. Sell CHFJPY at 114.32, Stop at 114.60, Target 114.04
Close ALL open day trades by 10:20AM NY / 15:20 GMT