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*Good morning/afternoon everyone!*
Euro and sterling are trading sharply lower this morning as Catalan’s secession vote threatens the very fabric of the Eurozone. The Spanish government is trying to challenge the vote but with nearly 90% of voters supporting the #catalout, it may be difficult. As Spain faces it worst constitutional crisis in years, EUR/USD has been hit hard and while its bouncing off its lows at the start of the NY session, we could see fresh sellers emerge between 1.1750 and 1.1770. Sterling’s decline can be partially attributed to the weakness of European currencies but the softer UK PMI manufacturing index also casts doubt on the BoE’s hawkishness. Meanwhile the U.S. dollar is up across the board thanks to the troubles in Europe and the rise U.S. yields. The Canadian dollar is lower as oil prices drop -1.7%. AUD and NZD are flat.
*The MAIN THEMES I see today are*
-EUR, -GBP, -CHF
mildly +AUD, +NZD
mildly -CAD, -JPY
1. Sell EURAUD at market now 1.5026, Stop at 1.5056, Target 1.5006
2. Buy USDJPY at 112.80, Stop at 112.50, Target 113.00
3. Sell EURUSD at 1.1746, Stop at 1.1776, Target 1.1726
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