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*Good morning/afternoon everyone!*
There are a few big stories driving currency trade this morning. First, EUR/USD climbed back above 1.12 after French President Macron’s party grabbed a solid victory in French Parliamentary vote. Brexit talks begin this week with sterling trading firmer. GBP/USD is hovering near 1.12 as the government moves forward with the Queen’s speech. The JPY is lower after Japan reported an unexpected trade deficit while AUD has been hit by Moody’s decision to lower the credit rating of 4 major banks.
As for the U.S. dollar, FOMC voter Dudley speech at 8am NY Time / 12 GMT will be key. Yellen’s unexpected hawkishness last week was met by less enthusiasm from Fed voters Kashkari and Kaplan. If Dudley also expresses less support for tightening, USD/JPY could slip back down to 110.50.
*The MAIN THEMES I see today are*
Possible top in EUR, GBP, AUD, NZD
These will change after US data
mildly -USD, -JPY
mildly +EUR, +CHF
mildly bearish GBP, AUD
neutral CAD, NZD
*Today’s Potential Ideas*
Sell AUDCHF at market now 0.7385, Stop at 0.7435, Target 0.7355
Sell USDJPY at market now 111.09, Stop at 111.59, Target 110.79