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going to sell uj. ej as long as 88 and 50 hold
Good Morning pleased to say closed out my GBP AUD trade at target – but my CAD Yen got stopped out – just looking for the next decent trade opportunity – any thoughts welcome
Well played FXJ.
cheers Ryan – nice when a plan works – now short cable
Good morning,
-Short 1/3 EURUSD, short 1/3 cable and sporadically long other USD for a number of days now. Month end, HIA, SOMA, you name it, all good reasons not to fight this move. So far so good. But I remain vigilant. I job additional bits around. If all goes according to plan I’ll cover the core tomorrow come 4PM GMT.
-Short USDCNH from 6.94, will be adding 6.99 if specs want to give it a go for the 7.00 test, which PBOC reiterated they will defend. I think(but nothing is sure) 7.00 should be capped till Trump-Xi meeting end Nov. Problem is specs don’t have to sell it out as funding is not very expensive.
-Cut the remainder of the short EURJPY for now. A few to many headlines going against JPY. China+Inida swap lines, Motegi calling fo rTP P11 to come into effect as early as end this year, Abe repeating to put everything to work to beat deflation, tightest labour report in 40 years… but it’s a temporary management of the ptf. Not entirely given up on it. Will see how stocks do.
-Market not impressed with the UK budget call for the end of austerity, taxing tech firms, increased spending. Cable is possibly on its way to 1.2650 if month end USD buying gives it a push.
-EU GDP at 11 gmt today: It’s an important data point and important gauge for ECB. If the slowdown gets confirmed , I can see EURUSD test 1.13 again. Above 1.1430 I’ll reassess my shorts, which are pretty well in the money.
German CPI’s will be hit the morning lines until 1PM gmt.
-And more major earnings today, so far FX has been relatively little affected by it for more than the algo spurt in the minutes post the numbers. But we know what’s forgotten today can be the focus of tomorrow. Keeping an interested eye on them.
Stay safe and happy hunting.
Ahoy hoy
Scalp / short term trading has been the norm for me so far this week.
Picking off selective JPY longs on any weakness has proved fruitful — Not willing to change my bias just yet,
Had a nice additional short trade in the Dow, placed in the trading room in US session.. Again – I continue to be a seller at the levels on any moves higher.
Nothing jumping out at me as a longer term trade at this time. I’m happy to bide my time until some of these directions become clearer .
Have a super day. ?
Good morning all
Things still look quite uncertain in FX land and we largely seem to be ignoring the volatility in stock markets. GBPUSD is looking weaker but doesn’t seem to have the same impetus as last week.
USD is continuing on the front foot, maybe due to the month end rebal. It’s difficult to gauge.
USDCNH is the only position on the books right now and we keep making new highs, which points to a test of 7.00 sometime soon. Will we see the PBOC step in, or will they let it blow just to clear out the specs before stepping in. I guess we’ll wait and see. In the meantime, I might take the approach of tightening stops up overnight and letting them out again during the day when I can see what’s going on. I’ve got my disaster stop in at 7.25 in the meantime.
Have a good one.