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*Good morning/afternoon everyone!*
The U.S. dollar is trading sharply higher this morning after the US Senate approved the tax reform resolution last night preventing a filibuster from the Democrats. The next stop is the house. Investors are extremely excited that tax cuts are on the way and have celebrated by taking the dollar, stock futures and bond yields sharply higher. The JPY, CHF AUD and NZD have taken the brunt of the selling but EUR is also down slightly. Sterling on the other hand recovered overnight losses and is trading higher against the greenback on the hope for a rate hike next month. Investors were also encouraged by comments from Germany’s Merkel who suggested that sufficient progress will be made to take talks to their next step. With Canadian CPI and Retail sales due at 8:30am NY, the CAD is trading in a narrow range. We believe further USD gains are likely in the North American session as U.S. traders cheer the news.
*The MAIN THEMES I see today are*
-NZD, -EUR, -JPY, -CHF
mildly -CAD, -AUD
1. Sell EURUSD at 1.1803, Stop at 1.1833, Target 1.1783
2. Buy AUDNZD at market now 1,1228, Stop at 1.1198, Target 1.1248
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