Today’s economic data shouldn’t disrupt politics and risk sentiment
Just a quick one ahead of the US Challenger Job cuts, weekly Jobless Claims and Trade balance as well as the Canadian Trade balance.
We know the Us job market is running hot, so any surprise should come to the downside if any, and trade balances will easily be looked through this time around. These data will come to the fore once we know more about how the Trade wars will be negotiated. Going forward the Trade data will gain in importance as a measurement of Trump’s success to curb the deficits, but now today I wouldn’t think it’ll move the big boys. So we’re back to trading politics and risk until tomorrow’s US labour report.
I’m in range mode till then with the base positions firmly in place and buy the dip bias on the USD. Small long USDJY added , stop moved down to 106.75.
Time to clean up the charts and read the news.
Expected ranges (only data dependent):