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*Good morning/afternoon everyone!*
Although U.S. yields are up only marginally this morning, the U.S. dollar is trading higher against most of the major currencies with USD/JPY leading the gains after PM Abe’s victory last night. The deeply oversold New Zealand dollar is the only currency to hold steady vs. the greenback but after last week’s political developments, it still remains vulnerable to additional losses. The weakest performer is the euro. While the ECB is widely expected to announce tapering plans on Thursday, Spain’s political troubles are hurting the currency at the front of the week. The Bank of Canada also has a monetary policy announcement and the loonie is starting the week under a bit of pressure. Friday’s CPI and retail sales reports give the BoC very little reason to alter its less hawkish tone. There’s not much going on in GBP or AUD, which are slightly lower on the back of the rising dollar.
*The MAIN THEMES I see today are*
-EUR, -AUD, -CAD, -CHF, -JPY
mildly +NZD and +GBP
1. Sell EURUSD at 1.1748. Stop at 1.1776, Target 1.1728
2. Sell AUDUSD at .7813, Stop at .7841, Target .7793
3. Sell EURNZD at 1.6857, Stop at 1.6887, Target 1.6837
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