USD was lower overnight, continuing the retracement initiated yesterday. This throws a wrench into current trends that saw Aud, Nzd, Cad as easy shorts vs. USD. Given the extent of the move, this may be due to market participants reducing USD exposure, as if rate hikes were less probable.
Big day for Cad & Nzd: rate decisions looming. Market participants expect a cut and dovish guidance by the RBNZ, but also pay attention to the forecast on Dairy prices. Overall, bearish picture on the Kiwi, that may remain weak. Different story for Cad, with BoC expected to remain on hold.
Charts for today:
UK data today & BoE tomorrow make Cable tough to call. Short term
momentum is positive so the easier path remains higher for the time being.
Similar story on GbpJpy where risk appetite might spur some further
short term strength, depending on how the EU bourses act.
Kiwi is not out of the woods yet. Surprizes may be
in store on teh RBNZ tomight.
UsdCad stuck in consolidation mode. Play the range
while it lasts, with a slight upwards bias.
Preferred play is to wait until after the BoC, then decide.
Nessun commento:
Posta un commento