USD strength coming back... key resistance could be taken out in the USD crosses today |
Watch the 20th of August highs 110.41 in USDJPY and 1.1041 in USDCHF... and buy the breaks (slightly higher).
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| Overnight News Bullets |
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- EC Current Account (Jun) out at -8.2B vs. -7.3B prior.
- UK GDP QoQ/YoY (2Q P) out at 0.0%/1.4% vs. 0.1%/1.5% expected.
- UK Private Consumption (2Q P) out at -0.1% vs. 0.5% expected.
- UK Exports (2Q P) out at -0.5% vs. 0.4% expected.
- UK Import (2Q P) out at -1.4% vs. -0.3% expected.
- EC Industrial New Orders MoM (Jun) out at -0.3% vs. -1.1% expected.
- EC Industrial New Orders YoY (Jun) out at -7.4% vs. -6.3% expected.
- NZ Food Prices MoM (Jul) out at 0.6% vs. 1.3% prior.
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| Markets |
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- FX: USD making a strong comeback, likely testing key resistance levels today.
- Fixed Income: 10-year contracts coming back, but Bunds lacking a bit behind.
- Stocks: Very positive price action in all regions, generally up 1.5-2% on Friday and over the weekend.
- Commodities: All commodity prices except agriculturals are down on USD strength.
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O/N Data Heat map: |
Calendar |
Today's Highlights: |
| Time (GMT) | Region | Release | Consensus | | 07:30 | SW | Trade Balance (Jul) | 8.2B (prior) | | 14:00 | US | Existing Home Sales (Jul) | 4.91M | | 14:00 | US | Existing Home Sales MoM (Jul) | 1.0% |
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What's going on? |
- USD rose against the Euro on speculations that the drop of the crude oil price support the US growth. Additionally the German business confidence tomorrow is expected to drop to the lowest level since 2005.
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FX |
USDCHF to break higher... |
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| EUR | USD | JPY | GBP | CHF | AUD | CAD | NZD | NOK | SEK | PLN |
| + | - | - | - |
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| FX Trading Strategies |
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| Pair | Supp. | Resis. | Comments | | USDCHF | 1.0856 | 1.1047 | Last week's figures were not that positive for the economies in the US
nor Switzerland. However with US inflation continuing elevated and
risk appetite high, USDCHF remains well bid. We look for a test of
February highs at 1.1107, buying at 1.1045 bid, stop offer at 1.1025. |
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Risk warning
Finexo Ltd. shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Finexo that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis especially leveraged investments such as foreign exchange trading and investment in derivatives can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
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