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*Good morning/afternoon everyone!*
With about 48 hours to go until the U.S. non-farm payrolls report, today will be an important day for the U.S. dollar. U.S. rates are trading sharply higher in anticipation of the ADP, Challenger and Non-manufacturing ISM reports but the dollar is mixed. The greenback is down versus European currencies, up against AUD and NZD and little changed versus the Yen. The FOMC minutes failed to inspire new demand for the dollar and now we’re left with the jobs report. If today’s numbers are good, investors will start to position for stronger labor market numbers but if they are weak, they won’t hesitate to dump dollars as they worry that non-farm payrolls will once again contradict the Fed’s optimism. European yields are also up sharply which means if the U.S. reports are strong, EURJPY and GBPJPY could trade sharply higher.
*The MAIN THEMES I see today are*
These will change after US data
+USD, +EUR, +GBP, +CAD, CHF
-AUD, -NZD, -JPY
*Today’s Potential Ideas*
1. Place Order to Sell NZDCHF at 0.7019, Stop at 0.7069, Target 0.6989
2. Place Order to Sell NZDCAD at 0.9425, Stop at 0.9475, Target 0.9395
All pending orders canceled by 3:30PM NY / 19:30 GMT
All open day trades closed by 4PM NY / 20 GMT