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*Good morning/afternoon everyone!*
The U.S. dollar is trading higher against all of the major currencies today but the weakness of other currencies has more to do with domestic woes over dollar demand. EUR and GBP have fallen sharply on a lower ZEW survey and less than impressive UK CPI report and benign comments from BoE Governor Carney. Although Carney said a rate hike in coming months may be appropriate, investors felt that his comments were not positive enough. The commodity currencies are also weaker with CAD leading the slide. No major U.S. economic reports are due for release today so the moves that we’ve seen this morning should continue. Keep an eye on U.S. yields which are flat at the start of the NY session because if we see any positive drift, the sell-off in EUR/USD and GBP/USD could intensify.
*The MAIN THEMES I see today are*
-EUR, -GBP, -AUD, -CAD, -CHF
neutral NZD, USD
1. Buy EURGBP at .8904, Stop at .8874, Target .8924
2. Sell EURJPY at 131.94, Stop at 132.24, Stop at 131.74
3. Sell CADJPY at 89.40, Stop at 89.70, Target 89.10
4. Sell EURUSD at 1.1764, Stop at 1.1794, Target 1.1744
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