Originally updated: 08:00am London Time
Trading Bias: Neutral
Currency pair: None
Current Sentiment: None
In today's trading session we will be awaiting key economic data from US CPI to provide an opportunity to get into the market.
Fundamentals:
Focus today will turn to US CPI data. It is expected to remain unchanged at 0.2% m/m from a previous of 0.2% m/m along with the Core US CPI reading expected at 0.2%. If any of these figures comes in higher than expected we could see some some USD strength come back into the market over the rest of the session.
I we get any positive data from the US CPI then we could see the USD regain some strength after it's recent run of losses due to negative data points, if this is the case then we could look at buying the USD back against weaker currencies like EUR.
We also have UK Average Earnings which could give the GBP some strength / weakness for the rest of the session depending on if we get a positive reading or not. Don't forget that we've also got UK elections in the forefront which should keep the GBP under pressure regardless. If we get a negative reading of Average Earnings from the UK then we could look at selling the GBP over the rest of the day
Technicals:
At this stage of the session, with limited news flow to present a reason to get into the markets I will be waiting for pairs to approach key levels of support/resistance and trade the overall trend in line with the fundamentals – this will of course be in conjunction with any news flow we have that provides the market with fresh sentiment and a reason to start getting involved in the market.
Other Market Moving News:
Antipodean currencies fell slightly lower overnight due to a fall in crude oil prices with the AUD under performing, which was pushed lower due to selling in aud/jpy.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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