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- GBPUSD
- AUDUSD
- NZDUSD
- USDJPY
- USDZAR
Noteworthy News
- US Intelligence continue to believe that Russia “influenced” the US Elections last year. I find it difficult to believe that 100m votes were hacked, unless we have evidence this is all rumours to me.
Recap
Yesterday did not exactly create the most trading opportunity, although Japan was on a bank holiday, I was expecting some more volatility than what we got. The highlight of the day was Fed Member Evans (an eternal dove) sounding more hawkish than what he has over the last couple of years, the interesting part was that the market did not even flinch – an indication that the market has had enough of the talking heads at the Fed?
The EURUSD was in a slow meander lower and eventually traded as low as 1.0720 in New York last night. The EUR did wake out of its slumber early this morning, the French election debate showed that Macron was easily in the lead and this led the pair to bounce by over 50 points. This reinforces to me that in the short term, this is more of a fundamental trade than anything else.
I continue to sit out of GBPUSD, but I am hoping that once the Brexit repercussions are washed out then opportunity will present itself again – cable is one of my favourite pairs to trade. Reports are indicting that March 29 will be D-Day for triggering Article 50 and I suspect that we may get speculators shorting this pair – could this be the next “buy the rumour, sell the fact” trade brewing?
USDCAD is trading in a very lacklustre fashion, there were some headlines that came out of OPEC yesterday which should have been supportive for the oil price. The fact that oil can’t capitalise on these headlines is having a direct effect on the USDCAD. With oil looking rather vulnerable, it leaves the CAD in the same boat.
My preferred pair this morning is the AUDUSD, I am looking for the pair that is least fundamentally driven. The NZD would be a candidate but it has a lot of event risk this week.
Important Economic Data out today
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