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*Good morning/afternoon everyone!*
The U.S. dollar is trading higher this morning against all of the major currencies following North Korea’s decision to forgo missile tests later this month. While we can’t say the crisis is behind us, between this announcement and Dudley’s positive comment that the economy continues to remain on course and he supports another hike later this year, we could see a more sustained recovery in the USD. Aside from the greenback’s gains, the pullback in euro and sterling ere supported by softer data. German GDP growth was revised down to 0.6% from 0.7% (although year over year growth accelerated) while UK inflation dropped -0.1%. AUD gave up its post RBA gains and NZD is trading cautiously ahead of today’s dairy auction. The main focus this morning is US retail sales, which should be stronger after 2 weak months.
We may close some of our day trades pre-event.
We are also LIVE Trading retail sale starting at 8:15AM NY Time / 12:15 GMT / 10:15 AEST
*The MAIN THEMES I see today are*
-GBP, -CHF, -JPY, -CAD, -NZD
mildly +EUR, -AUD
*Today’s Potential Ideas*
1. Sell CHFJPY at market now 113.58, Stop at 113.98, Target 113.38 – Closed for +10
2. Sell NZDUSD at market now 0.7280, Stop at 0.7340, Target 0.7260
3. Buy EURGBP at market now 0.9127, Stop 0.9087, Target 0.9147
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