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Weak ISM number has USD long on the run

Posted on: September 06, 2016

Market getting back into things after Labor Day long weekend. USD is weaker following the NFP miss on Friday. Market continues to pare back USD long bets yesterday.

ISM Non-Manufacturing Composite a lot weaker than expectation coming in at 51.4 (exp. 54.9) causing more USD long to throw in the towel. USD sold off on the weak ISM number as the odd of a September hike decreases. Stops got trigged in both GBPUSD and USDJPY as GBPUSD broke the 1.3376 resistance and USDJPY broke the 102.80 support.

We got the Bank of Canada meeting tomorrow at 8am MST. Most participants are expecting it to be a non-event with no change. There’s also the ECB on Thursday which should bring a bit of volatility into the mix and finally there’s Canadian Job number on Friday.

With Bank of Canada and ECB on tap the next two days, I suspect today’s range have already played out so stay patient and fade the extremes of the range.

Good luck trading!

  • Previous Day’s NA Range 1.2913 - 1.2951
  • Asia overnight range 1.2916 – 1.2933
  • London overnight range 1.2887- 1.2919

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