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*Good morning/afternoon everyone!*
All 3 of the major currencies (EUR/USD, USD/JPY, and GBP/USD) held their breakouts, which is important because it means that these moves are durable. Traders haven’t taken these pairs (and USD/CAD back) ahead of the quadruple threat of central bank speak this morning. The heads of the ECB, Bank of Canada, Bank of Japan and Bank of England will be speaking at 13:30 GMT and traders are positioned for positive comments from Draghi and Poloz. While Draghi will be hawkish (as he just spoke yesterday), a hint of dovishness from Poloz and USD/CAD will u-turn higher, so beware! Meanwhile U.S. yields continue to rise, supporting the move in USD/JPY. AUD and NZD are flat for the day and are likely to take their cue from the U.S. dollar.
*The MAIN THEMES I see today are*
These will change after US data
+EUR, +USD, +CAD, +JPY
neutral AUD, NZD, GBP
*Today’s Potential Ideas*
1. Buy EURJPY at market now 127.47, Stop at 126.97, Target 127.77
2. Sell USDCAD at 1.3091, Stop at 1.3141, Target 1.3061
All pending orders canceled by 3:30PM NY / 19:30 GMT
All open day trades closed by 4PM NY / 20 GMT