Trade Recommendations for current Session
There is little to really trade today given relatively light news flow overnight and major pairs trading on tight ranges.
There is also little today on the calendar, but we do have US GDP readings which are expected to have gained on previous levels, I personally can’t see this being notably market moving considering how strong the USD currently is.
Later in the session we have Tokyo and Japanese national CPI figures which will give us an indication as to what the BoJ’s economic policy might be going forward. Potentially adding further weight to the weakening JPY trend, however I doubt we will see a significant shift in price action in today’s session and rather would observe a continued fall over the coming weeks and months, depending on what those figures are.
Pre Session events
The Chinese demand for the commodities iron and steel has decreased for the first time in a decade signalling a slowing down of the Chinese economy which will surely weigh on antipodean currencies.
Overnight the USD corrected marginal losses suffered in the last 48 hours, subsequently pushing AUDUSD to trade at levels not witnessed since February this year and NZDUSD now trading at levels not witnessed since this time last year. Elsewhere USDJPY is now trading above the 109.00 level with the pair last trading at this milestone back in 2008.
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