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*Good morning/afternoon everyone!*
The market has completely ignored North Korea’s missile launch, focused entirely on the hawkish BoE comments and have driven USD/JPY and GBP/USD sharply higher. These moves are consistent with the sharp rise in U.S. and U.K. yields but as the morning progresses, the focus will shift to US data. Retail sales, industrial production, the Empire State manufacturing index and University of Michigan Consumer Sentiment survey are due for release and economists are looking for softer data all around. The overbought GBPUSD and USDJPY could be due for a correction although the former won’t see an excessively steep decline as the move is supported by policy direction. The commodity currencies are strong and could extend their gains before U.S. economic reports.
*The MAIN THEMES I see today are*
+EUR, +GBP, +CAD, +AUD, +NZD, +CHF
1. Sell USDCAD at market now 1.2161, Stop at 1.2191, Target 1.2141
2. Sell EURGBP at market now 0.8792, Stop at 0.8822, Target .8772
3. Sell USDJPY at market 111.23, Stop at 111.53, Target 111.03
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