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*Good morning/afternoon everyone!*
There is very little consistency in the performance of the U.S. dollar this morning but US yields are up across the board. 10 year Treasuries are knocking on the 2.4% door but similarly large moves in 10 year UK Gilt and German Bund yields have prevented EUR and GBP from experiencing any meaningful losses. Eurozone PMIs were mixed, adding to the concerns that the ECB may offer a dovish taper on Thursday. The Canadian dollar is trading slightly lower ahead of tomorrow’s rate decision. The big moves all came overnight when NZD plunged on the back of the new government’s agenda. USD/JPY also staged a dramatic recovery after crashing down to113.25 during the Asian trading session on very little news. Looking ahead, the US’ Markit PMI reports are scheduled for release today but investors will be focused on the move in yields and any updates on President Trumps’ Fed pick. He’s said he will make a decision very very soon – the debate for many is that it will be Powell vs. Taylor or a combo of both.
*The MAIN THEMES I see today are*
-EUR, -AUD, -CAD, -CHF, -JPY, -NZD, -GBP
1. Buy AUDNZD at 1.1236, Stop at 1.1206, Target 1.1256
2. Buy EURJPY at 133.73, Stop at 133.43, Target 133.93
3. Buy USDJPY at 113.73, Stop at 113.43, Target 113.93
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