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*Good morning/afternoon everyone!*
This morning is all about the Bank of England’s monetary policy meeting and their Quarterly inflation report. Stronger service and composite PMI indices is helping GBP retain a bid into the rate decision. With that in mind, we can’t ignore the fact that the commodity currencies are finally showing some significant signs of a top. The U.S. dollar is also consolidating ahead of the ISM non-manufacturing report while the euro is resilient despite downward revision to PMIs thanks in part to hot retail sales.
We’ll be live trading BoE starting 6:45AM NY / 10:45 GMT / 8:45PM AEST. See you there
*The MAIN THEMES I see today are*
+EUR, +CAD, +JPY
-USD, -AUD, -NZD, -CHF
neutral GBP till after data
*Today’s Potential Ideas*
1. Sell AUDNZD at market now 1.0700, Stop at 1.0740, Target 1.0670
2. Buy CADCHF at market now 0.7700, Stop 0.7660, Target 0.7720
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