Good Morning and welcome to 2016 Trading!
This week will still see "tentative" trading: the major players usually sit back and read through all developments, and typically pick up the baton in the second half of January. So this week will be most likely dominated by the "theme of the day", and I'd suggest to trade light and stay in "hit & run" mode.
Asian equities dropped, China's circuit breakers were triggered as China Caixin manufacturing PMI came out weaker than expected. The market bought Usd, Euro and Jpy in the flight to safety. Aussie & Kiwi were dumped.
Looking forward: NFP is the key highlight this
week as the market debates the pace and magnitude of
Fed hikes this year. But don't forget the other data points: December manufacturing ISM (today) and non-manufacturing ISM (Wed), ADP (Wed), and the Dec 15-16 FOMC Meeting Minutes (Wed).
Charts for today: the space covered during Asia has reduced the odds of any continuation on the main suspects (CadJpy short, GbpJpy short, Dax short) so no fresh positions for today. Will look for pullbacks on these candidates tomorrow, as well as UsdCad longs.
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