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*Good morning/afternoon everyone!*
With 10 year Treasury yields down nearly 1bp at one point this morning, the U.S. dollar is trading lower against most of the major currencies. Sterling is the only currency that is performing worst than the greenback because Gilt yields of the same period are down nearly 3bp on the back of a report that BoE agents see weaker investment growth over the next 2 years (no surprise with Brexit)! There are some Brexit talks today that could also affect sterling trade. There was no specific news to explain the USD’s weakness outside of last night’s softer Chinese trade balance which should have driven AUD and NZD lower but instead had greater impact on USDJPY. According to the Chinese government China’s economy still faces uncertainties which suggests that softer growth lies ahead. On North Korea, Trump’s warning to “not underestimate us. And do not try us” had very little impact on the market. The main event today is the RBNZ rate decision – NZD is trading firmer ahead of the announcement. *I’ll be LIVE Trading it with you starting at 2:45pm NY (same daily webinar link).* We may also see some moves in the Canadian dollar with oil inventory, housing starts and building permits on tap.
*The MAIN THEMES I see today are*
-USD, -EUR. -GBP,
+CAD, +AUD, +JPY
neutral NZD, CHF
1. Sell EURJPY at market now 131.74, Stop 132.02 Target 131.46
2. Sell EURCAD at 1.4783, Stop 1.4811, Target 1.4755
3. Buy EURGBP at .8838, Stop .8810. Target .8866
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