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*Good morning/afternoon everyone!*
With U.S., Canadian and Japanese markets closed today, it should continue to be a quiet trading session. While the U.S. dollar is holding onto its gains versus the Japanese Yen, it is losing ground versus the European and commodity currencies. The only currency on the move today is sterling, which is supported by Prime Minister May’s upcoming Brexit Speech. May is expected to speak around 14:30 GMT and investors are hoping for more details on the UK and EU’s new relationship. Unfortunately we are not as optimistic because in the released copy of her speech, she said the ball is in the EU’s court and this morning, the EU said the ball is entirely in the U.K.’s court. With NFP behind us, we believe that the market will begin to shift its focus to ECB and for this reason we like buying euros versus the dollar and other major currencies. The commodity currencies are quiet and we do not expect big moves today.
*The MAIN THEMES I see today are*
+EUR, +GBP, +CHF, +USDJPY
mildy +NZD, +USD
neutral JPY, CAD
1. Buy EURJPY at 132.25, Stop 131.95, Target 132.45
2. Buy EURUSD at 1.1745, Stop 1.1715, Target 1.1765
3. Sell USDCHF at .9781, Stop a .9811, Target .9761
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