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*Good morning/afternoon everyone!*
The U.S. dollar is trading lower against most of the major currencies this morning with USD/JPY dropping to a 5 week low. The Federal Reserve meets this week and while their guidance is not expected to change (which means they’ll still maintain a positive and hawkish outlook for the U.S. economy), investors are starting to doubt the likelihood of a year end rate hike in light of persistently weaker U.S. data. The euro which was initially hit by weaker PMIs has since recovered all of those losses. GBP is above 1.30, AUD is pointing back upwards and the Canadian dollar continues to take aim at 1.25. This is an important week for the U.S. dollar with the FOMC rate decision, Q2 GDP, testimonies by Jared Kushner and Manafort (a campaign manager) before the Senate Intelligence Committee on Russian interference in the election. The earnings season will also kick off with nearly 20% of S&P 500 companies reporting this week.
*The MAIN THEMES I see today are*
-USD, -NZD, -EUR
neutral AUD, GBP,
*Today’s Potential Ideas*
1. Sell NZDUSD at market now 0.7435, Stop at 0.7475, Target 0.7405
2. Buy CADCHF at market 0.7550, Stop at 0.7510, Target 0.7580
3. Place Order to Sell CHFJPY at 117.17, Stop at 117.57, Target 116.87
Cancel ALL pending orders by 3:30PM NY / 19:30 GMT / 5:30AM AEST
Close ALL open day trades by 4PM NY / 20 GMT / 6AM AEST