Today’s slides are HERE.
Today’s Economic News
The Fed’s late-scheduled Monday meeting caused a lot of distraction in the market. This is an “extra” meeting, not in the normal schedule, which is often used to announce technical issues. This meeting was about the discount rate, which is NOT the same as the Fed Funds Rate which is the currency-moving rate, but none-the-less any announcement on the discount rate would have implications for the main Fed Funds Rate. So all eyes were on the press release expected from yesterday’s meeting. It never came. There was, and there still is, no announcement from yesterday’s meeting. I am actually quite staggered by this.
Today, the RBA’s Stevens spoke before some Australian economists at a dinner and offered no new news. Also today we saw US preliminary GDP come in just above expectation at 2.1%. The market barely stirred. Finally, US Consumer Confidence missed by a good margin but again, the reaction was very muted.
It’s Thanksgiving in the US this week and volumes are down. I do not expect too much excitement. Current Trades
EURUSD has oscillated around Friday’s close. I don’t see any news events this week to really move this pair. I am in a small, unrealised profit.
Today’s M1 Trades
There are no M1 trades this week.
GBPNZD just missed triggering at Monday’s high. I will keep my pending entry a few pips above Friday’s high, as indicated.
Following up on the opportunities mentioned in the Weekly Review and Outlook, the other NZD pair, NZDUSD, is currently sitting between the EMA lines and offers opportunity when the down move recommences.
EURGBP, the alternative Euro short trade, is looking like a good setup, as today’s rise almost reaches the 21EMA. The ides would be to go short when the move down recommences.