The global capital markets are mostly quiet.  US sanctions on Turkey and Russia are pressuring their respective currencies, and the New Zealand dollar has slumped nearly 1.5% on the back of a dovish hold by the central bank.  The Kiwi is at 2.5-year lows near $0.6650.  Sterling is lower for the sixth consecutive session amid no-exit Brexit fears and made fresh lows since last October before recovering to little-changed levels in late morning turnover in London.

The euro is consolidating within yesterday’s range.  The euro has mostly been in a 20 tick range on either side of $1.16, where an 823 mln euro option expires today.  There is a billion euro option at $1.1550 that will also be cut. European bonds are firmer and Italian bonds are outperforming.  Although there have been some intraday moves, Italy’s 10-year yield is off about six basis points this week, and four are being recorded now.   European shares are heavy, with only the consumer discretionary sector showing some mild gains.  Energy is the worst performing sector.  Oil prices are stabilizing after sliding 3.2% yesterday, where trade tensions and Chinese action on US refined products took the entire complex down.  US oil stocks did not fall as much as had been expected.
The dollar was sold to JPY110.70 near midday in the Asian session, a two-week low, before recovering toward JPY111.20.   There are some options expiring that will influence activity.  There are around $1.8 bln in options struck at JPY111.00-JPY111.05.  There is another $1.06 bln in JPY111.25-JPY111.30 options and another ($1.9 bln) JPY111.50-JPY111.55 that expire today   Japan’s 30-year bond auction (JPY700 bln or ~$6.3 bln) was well received, which helped to ease the long-term Japanese yields, while yields in the belly of the curve edged higher, while the short-end eased. (MARCTOMARKET).

U.S. can’t be trusted, Iran says, as North Korea slams continued U.S. pressure

North Korea for its part denounced the United States for its “outdated acting script” in pressuring the North with continued sanctions, but said it was still prepared to meet its obligations after a historic North Korea-U.S. summit in Singapore in June. Iran dismissed a last-minute offer from Washington for talks this week, saying it could not negotiate after the Trump administration reneged on a 2015 deal to lift sanctions in return for curbs on Iran’s own nuclear program. North Korea’s top diplomat, Ri Yong Ho, visited Iran as the United States reintroduced sanctions against the Islamic Republic. Read More @


USD has finally breakout from the resistance and everything is now pointing towards a huge rally of the USD. Gold, Oil, JPY, CHF will all go under pressure. Tonight US CPI is expected to be good and Trump confidence will bring the USD to new highs.


  1. 9.30am – RBA policy statement is expected to be neutral – AUD downside remains.
  2. 2.45pm – France will release their Industrial Production and Private payrolls and is expected to be good – little or no movement is expected.
  3. 4.00pm – Italian will release their trade balance and is expected to be weak.
  4. 4.30pm – UK will release their GDP and is expected to be no change or weak – GBP downside still remains.
  5. 4.30pm – UK Trade Balance, Business investments and construction output data will also be release at the same time as GDP – Volatility is expected.
  6. 8.30pm – The night all waiting for US CPI data which is expected to be good and USD prepares for a new high and market expected to rally.
  7. 8.30pm – Canada will also release their data and is expected to be in favor for the CAD.

Be cautious as the market remains fragile and it can go any direction. Always bear in mind your money management and never over-trade.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.

1 Comment
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