Good morning,
Very quiet session overnight with only the Asian indices posting modest gains but nothing particularly substantive. The Greenback held onto its recent gains and looks to continue that way this morning. We walk in to see the EURUSD looking heavy once again and the Cable getting absolutely pasted. The AUD and Kiwi both fared well overnight although the data out of the land down under seems to be fading a little while the Kiwi terms of trade posted a significantly better result. We’ve seen eh AUDNZD come back on now is looking to test support at the 1.2950 breakout level, a host of stops sit below there but punters will be mindful of the RBNZ tonight followed by the Australian unemployment.
On the day locally I look to sell rallies in the EURUSD into 1.3600/30 and actually am (contrarian) a little bullish on the Cable ahead of the Industrial Production data out this morning.
The other crosses for the most part look tired and underdone, so little going on in the market it’s laughable and quite frankly this is possibly the worst liquidity I’ve seen since about Christmas.
So what does that mean?
Well in simple terms it means that in the USDCAD I trade options and buy two week upside in the form of a 1.0350 call for a small 53pips and if need be finance it buy selling a two week 1.0250 put.
Not much else to really say today, I think my silence speaks volumes about the state of this market, good luck out there.
Best regards,
Ken Veksler.
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