Danske Research Team
Danske Bank A/S
Majors
EUR/USD: SHORT AT 1.2972 FOR 1.2788 OBJECTIVE, REVISED STOP 1.2961
USD/JPY: RAISE BUY AT 105.85 FOR 107.03 OBJECTIVE, STOP 105.21
GBP/USD: SELL AT 1.6200 FOR 1.6003; STOP AT 1.6285
USD/CHF: LONG AT .9342 FOR .9403 OBJECTIVE, STOP .9304
AUD/USD: SELL AT .9250 FOR .9136; STOP AT .9295
USD/CAD: BUY AT 1.0945 FOR 1.1053; STOP AT 1.0899
Crosses
EUR/JPY: BUY AT 136.70 FOR 138.28 OBJECTIVE, STOP 135.81
EUR/GBP: POSSIBLY BUY
EUR/CHF: SHORT AT 1.2070 FOR 1.2006; STOP AT 1.2101
EUR/CAD: SELL AT 1.4255 FOR 1.3890 OBJ, STOP 1.4365
GBP/JPY: LONG AT 171.00 FOR 173.95, STOP AT 170.45
NZD/USD: SHORT AT .8400 FOR REVISED .8187; STOP AT .8330
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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.