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Good morning/afternoon everyone!
European currencies are very strong this morning thanks to a big jump in Eurozone CPI growth. This report puts Mario Draghi’s dovishness in doubt and revives some hope that the ECB could still shift its forward guidance in June. Sterling is performing well on talk that the EU could start trade talks with UK before deciding on Brexit bill. Commodity currencies are weak but the losses have been limited. US Q1 GDP is due for release this morning and given the softness of retail sales and trade, growth should be much weaker in Q1 vs. Q4. Loonie traders are waiting for CAD GDP and eyeing the rally in oil.
*The MAIN THEMES I see today are*
European Currency Strength
Commodity Currency Relative Weakness
*Currencies we plan on day trading and the direction*
*These could change during the day, but for now
We will be trading around these themes –
OPENED AT MARKET USDJPY Sell
ENTRY – 111.429
STOP – 111.929
TAKE PROFIT – 111.129