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*Good morning/afternoon everyone!*
With the Federal Reserve gearing up to raise interest rates this week, the U.S. dollar is trading higher against most of the major currencies. The only currency to escape the dollar’s strength is sterling which is up strongly on signs of progress at the latest Brexit negotiations. It appears that some of the transitions terms have been agreed upon but the Irish border is still a major issue. The commodity currencies are struggling the hardest but EUR/USD also seems to be under a bit of pressure after rejecting 1.2300. USD/JPY is trading above 106.00 and with stock futures pointing higher, it could extend its gains though 106.20 is an important short term resistance level. Stock futures are pointing to a lower open which is negative for risk currencies including USD/JPY but the outlook this morning is unclear because bond yields are up across the board.
*The MAIN THEMES I see today are*
+USD, +GBP, +CAD, +CHF
neutral JPY, NZD
*Today’s Initial Trades*
Here’s the summary –
1. Sell USDCAD at 1.3080, Stop at 1.3108, Target 1.3052
2. Sell AUDCAD at 1.0083, Stop at 1.0111, Target 1.0055
3. Sold AUDCHF at .7340, Stop at .7368, Target .7312
Close ALL open day trades by 10:20AM NY / 15:20 GMT