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*Good morning/afternoon everyone!*
It is a quiet morning in the foreign exchange market with the U.S. dollar trading flat against the Yen, sterling and Canadian dollar. The best performing currencies are the EUR, which shrugged off a mixed ZEW and AUD and NZD which continued to power high on year end short covering. U.S. housing starts, building permits and a New Zealand dairy auction are on the calendar this morning. Although GBP is flat, it is off its highs which is a sign of weakness for the currency. There was no specific news other than ongoing Brexit concerns and a rejection of the 1.34 level. Investors are still waiting for the tax bill vote which is expected to be passed easily. The House vote is likely to take place this afternoon followed by the Senate vote later today or tomorrow. So the dollar could still cheer the victory with a late day boost.
*The MAIN THEMES I see today are*
+EUR, +CHF, +NZD
-GBP, -AUD, -JPY
*Today’s Initial Trades*
1. Sell USDCAD at 1.2857, Stop at 1.2885, Target 1.2829
2.Buy EURGBP at .8828, Stop at .8800, Target .8856
3. Buy EURUSD at 1.1809, Stop at 1.1781, Target 1.1837
4. Sell AUDCHF at .7557, Stop at .7585, Target .7529
Close ALL open day trades by 10:20AM NY / 15:20 GMT