Originally updated: 08:00am London Time
Trading Bias: Not applicable
Currency pair: None
Current Sentiment: Neutral
At this stage of today’s session I will be awaiting news flow to provide opportunities to get into the market.
Fundamentals:
Price action overnight was largely dictated by the Dollar index amid a lack of risk appetite ahead of this week’s key risk events. The USD fell off its highs overnight as participants await today’s US ADP a prelude to Fridays all important NFP report, Australian building permits along with Chinese manufacturing data came out relatively as expected which supported the AUD, but was unable to hold on to its gains.
On today’s calendar we have US ADP at 1:15pm London time we will be looking for a positive figure here to get the markets speculating about Fridays NFP.
Technicals:
Given the lack of immediate set ups available at this stage of the session the pairs and levels I will be looking out for that are in line with the fundamentals are;
Short – AUD/USD 0.7700
Short – EUR/USD 1.0850
As always keep an eye on intraday news that may affect the outlook on these positions.
Other Market Moving News:
Overnight the JPY rallied against most of its peers due to safe haven flows caused by a sharp sell off in both Asian and US stocks.
Fed's George also said overnight that it's time for the Fed to discuss a rate hike, adding that policy action taken today will take time to be felt.
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