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*Good morning/afternoon everyone!*
The sell-off in Asian and European equities overnight kept currencies under pressure ahead of the North American trading session. Although most of the major currencies consolidated after yesterday’s losses, the sharp slide in Dow futures (which points to a lower open) suggests that the weakness could continue in NY trade. The U.S. dollar is trading higher against all of the major currencies except for NZD which is supported by stronger trade data. AUD on the other hand took a hit from weaker manufacturing data. Sterling shrugged off a healthier PMI report as Brexit concerns persist and gilt yields tumble. The euro is also under pressure ahead of this weekend’s elections while the Canadian dollar extends its slide. Stronger than expected Swiss GDP had zero impact on the Franc. The U.S. releases its personal income, spending and ISM manufacturing reports this morning. We are looking for mostly softer data that could extend the slide in USD/JPY, stocks and possibly even risk currencies.
*The MAIN THEMES I see today are*
+USD (except vs. JPY)
-EUR, -GBP, -CAD, -CHF, -AUD
+NZD, +USD, +JPY
*Today’s Initial Trades*
Here’s the summary –
1. Sell EURJPY at 130.00, Stop at 130.28, Target 129.72
2. Buy NZDCAD at .9279, Stop at.9251, Target .9307
3. Sell EURUSD at 1.2173, Stop at 1.2200, Target 1.2145
EURNZD +21 and NZDJPY -5 before posting
Close ALL open day trades by 10:20AM NY / 15:20 GMT