Danske Research Team
Danske Bank A/S
Majors
EUR/USD: BUY AT 1.3886 FOR 1.4000 OBJECTIVE, STOP 1.3831
USD/JPY: SHORT AT 101.75 FOR 100.76 OBJECTIVE, STOP 102.43
GBP/USD: LONG AT 1.6603 FOR REVISED 1.6787 OBJ, STOP 1.6565
USD/CHF: LOWER SELL AT .8747 FOR .8632 OBJECTIVE, STOP .8807
AUD/USD: LONG AT .9035 FOR .9204; STOP AT .9004
USD/CAD: BUY AT 1.1035 FOR 1.1225 STOP AT 1.0950
Crosses
EUR/JPY: BUY AT 141.35 FOR 143.38 OBJECTIVE, STOP 140.44
EUR/GBP: REVISE BUY AT .8320 FOR .8467; STOP AT .8255
EUR/CHF: SHORT AT 1.2160 FOR 1.2082; STOP AT 1.2195
EUR/CAD: LONG AT 1.5375 FOR 1.5600; REVISED STOP AT 1.5305
GBP/JPY: BUY AT 168.85 FOR 171.60 STOP AT 167.80
NZD/USD: LONG AT .8260 FOR REVISED .8676; REVISE STOP AT .8480
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Editors’ Picks
AUD/USD could extend the recovery to 0.6500 and above
The enhanced risk appetite and the weakening of the Greenback enabled AUD/USD to build on the promising start to the week and trade closer to the key barrier at 0.6500 the figure ahead of key inflation figures in Australia.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
Bitcoin (BTC) price strength continues to grow, three days after the fourth halving. Optimism continues to abound in the market as Bitcoiners envision a reclamation of previous cycle highs.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Federal Reserve might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.