Market News
The USD firmed a touch in London morning trade, with the EUR losing $1.48 early on, CHF bouncing towards 1.12. Commodity currencies have not rallied much off the softer yen today, chances are that the USD is finding buyers above AUD 0.88, NZD 0.77 and below CAD 0.99 just now. The EUR/CHF should be set to clear 1.65 for 1.66 in the near term, risk aversion plays being taken off should see 1.68 in time. Data today has been sidestepped, with oil prices rocking higher on a pipeline explosion/shut down in Canada. Look for the price to tumble as trades take on board the likelihood that it will be a limited shutdown, inventories are ok, and it’s the ‘wrong sort of crude’ as well. Data this afternoon will be ignored as well unless new home sales comes in sharply lower (or higher?). PCE on Friday (monthly) will be watched (because the Fed watches it…) while jobs next week should add color to the US economy story… On the charts favoring the USD/YEN to push away from 110 towards 112, while the EUR/USD is expected to drop below $1.47 for $1.46, then $1.4460//lower. EUR/GBP bounced a touch, look for 0.7160 to offer res., a break to 0.71 for 0.7030/00 should be on next if 0.72+ was the peak (favored). Bottom fishing? NOK/SEK, broke down nicely, aiming for a bounce here, keep risk below 1.15 for 1.18…
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