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What a difference a day makes. The market has turned skeptic after the G20 trade truce sugar rush. Difficult to get a handle on some of these moves. Take care today, and dont get swept away by the noise.
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Good morning all.
-Short USDJPY from last night( 113.65) as US spreads continue to contract and stocks halted the gains.
-Short small EURSEK.
-Added small long EURUSD this morning 1.1382 for a move back into the 1.14s.
As discussed in our room, the lower yields, flattening curve( some bits are inverted), stocks turning are a perfect cocktail for higher low yielders, JPY is the prime beneficiary. Data so far have not supported a much weaker USD but the housing market can be a forebode of what’s to come. Im not blindly short USD yet as it will be data dependent, but if these would turn south, USD could come come spiralling off despite a baked in rate hike this month. Let’s take it one number at the time. In the meantime, have taken some decent pips on parts of the USDJPY short. Monitoring 112.80 and 112.50 for a bit more action and a return to 113.20 for a rinse and repeat now.
Looking to trade MXN from the short side as Obrador’s optimism is waning fast. 20.00/10 looks a decent long on that USD pair, trading 20.00/47. Below 19.90 bets need to be reassssed.
Safe travels and happy hunting!
Ahoy hoy.
Not much on the books. Short CHFJPY and a half GBPJPY short.
I’m one of the many who will be trying to short the Kiwi squeeze monster. Had a +30 on the NZDCAD short yesterday and in again at 0.9172. My bias is for selling cable rips. Could get another chance in the coming days.
Scalping and jobbing for my keep without any big views on these moves .
Have a super day.
Wotcha
USDCNH short is trundling on. Still running a trailer so happy to see where we go. 6.8220/30 is the main support level down here so if we hit there, I might TP.
USD is under the cosh today and I’m not surprised. Unfortunately I’m not positioned for it so I’ll be watching for any breaks to run with. 0.7400 in AUDUSD is one. I’m looking at shorts into the big fig but with USD looking weak, a stop reverse might be a play. However, there’s decent tech resistance around 0.7440 so there’s not much margin in a break play.
I’m of the same mind as the K-ster regarding USD. We’re nowhere near panic stations yet but the small pieces of puzzle are coming together. Watch for any volatile moves in US yields as that will translate into volatile moves in USD.