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*Good morning/afternoon everyone!*
So far, it has been a quiet morning in the FX market with the U.S. dollar trading lower against all of the major currency pairs except for the Canadian dollar. U.S. stock futures are pointing to a higher open after Friday’s strong move but investors are reluctant to buy into the rally with a comparatively quieter economic calendar this week. There was zero data released overnight but a possible corruption scandal in Prime Minister Abe’s administration weighs on the yen crosses but its not clear whether USD/JPY has the momentum to extend lower especially with stocks pointing higher. The euro looks heavy and eyeing a move below 1.23. Sterling still has a lot of resistance at 1.39 and the commodity currencies are the best performers with the New Zealand dollar leading the gains.
*The MAIN THEMES I see today are*
-EUR, -GBP, -CAD
+USD, +AUD, +NZD, +JPY
*Today’s Initial Trades*
Here’s the summary –
1. Bought USDCAD at 1.2829, Stop at 1.2801, Target 1.2857
2. Sell EURUSD at 1.2309, Stop at 1.2337, Target 1.2281
3. Sell EURAUD at 1.5655, Stop at 1.5683, Target 1.5627
4. Sell EURCAD at 1.5788, Stop at 1.5816, Target 1.5760
Close ALL open day trades by 10:20AM NY / 15:20 GMT