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*Good morning/afternoon everyone!*
The minutes from the most recent FOMC meeting are due for release today and the U.S. dollar is trading lower across the board despite the prospect of hawkish rhetoric. U.S. yields are also up which should be supportive of the greenback but the mighty buck decoupled from rates after Fed Chair Janet Yellen warned against tightening too quickly in her speech last night. Jobless claims, durable goods orders and revisions to the latest University of Michigan Sentiment index are also due for release but the main event will be the FOMC minutes and U.K. Chancellor Hammond’s Autumn budget. Sterling could be sensitive to the latest economic forecasts from OBR and any significant announcements made by the Chancellor. The euro is holding its ground above 1.17, AUD and NZD are attempting to bottom but the moves look fleeting. USD/CAD is below the 20-day SMA, signaling the possibility of further losses.
*The MAIN THEMES I see today are*
-EUR, -GBP, -JPY, -CHF
mildly +AUD, -NZD
*Today’s Initial Trades*
1. Buy CADCHF at .7759, Stop .7731, Target .7787
2. Buy CHFJPY at 113.36, Stop at 113.08, Target 113.64
3. Buy USDJPY at market 112.06, Stop 111.78, Target 112.34
Close ALL open day trades by 10:20AM NY / 15:20 GMT