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*Good morning/afternoon everyone!*
The next 48 hours is all about NAFTA and tax reform, The 5th round of negotiations are underway in Mexico and the US House of Representations are scheduled to vote on their tax bill later today. The Senate could finish marking up their bill by Friday. The U.S. dollar is trading strongly against most of the major currencies ahead of these key developments with yields supporting the moves. The euro is down sharply, extending Wednesday’s slide and further losses could continue. There’s political risk in Germany as the German coalition struggling during their four-party talks. If the coalition fails, it could take EUR/USD back to 1.1650. Sterling is up thanks to stronger than expected retail sales while the commodity currencies remain under pressure with the New Zealand dollar leading the losses.
*The MAIN THEMES I see today are*
+USD, +GBP, +JPY
-EUR, -CHF, -CAD, -AUD, -NZD
*Today’s Initial Trades*
1 Sell EURGBP at .8916, Stop at .8944, Target .8888
2. Sell EURUSD at 1.1762, Stop at 1.1790, Target 1.1733
3. Sell EURAUD at 1.5502, Stop at 1.5530, Target 1.5474
4. Buy CADCHF at .7782, Stop .7754, Target .7810
Close ALL open day trades by 10:20AM NY / 15:20 GMT