We seem to have had a bit of a turmoil in our forecast for yesterday, most pairs moved against us. However on some pairs the markets did initially make the move that we had thought and ended up going in the other direction at a very fast pace. This was mainly due to the US dollar weakening in the onset and then gaining a lot of momentum to the bullish side later on. Today the pairs to keep an eye out on would be the euro, British pound, Canadian and US dollar currency pairs due to our fundamental watch. The US dollar is looking like it wants to let out some steam so we may see a weak dollar and Japanese Yen could be poised for a strong move. The Oceanic pairs have already moved out of our blue zones, would be interesting to see what would happens next. Not adding any hedged pairs to offset the trading risk.
Forecasts Outlook
US Dollar: Weak
Today we're expecting the EUR/USD to proceed Long above the barrier levels of 1.36427 and 1.36725.
Fundamental Watch
- French Flash Manufacturing PMI
- German Flash Manufacturing PMI
- Second Estimate GDP q/q
- Core Retail Sales m/m
- Unemployment Claims
- Existing Home Sales