Morning Report 5th January 2017

Wall Street Reacts To The FOMC Minutes:         "It's All About Trump"

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USD/JPY opened the day at 117.66, then rallied to breach the 118 level briefly before  falling to 117.19. Given the strength of the uptrend that has relied on the BOJ playing to lose the yield spread game caution should be exercised on the strength of short term sell-offs.

EUR/USD rebounded from it's 14 year lows on Tuesday to finish Wednesdays Trading session 80 pips higher at 1.0484. Strong data from Germany suggests the Euro could rally in the short term, however the EURUSD remains capped by a strong Dollar and the ECB's reluctance to change their monetary policy stance. Traders with Long positions look to take profit at 1.0525 before changing to Short positions as uncertainty around the Eurozone increases into Q1 of 2017.

The Nikkei kicked off 2017 with a bang jumping more than 2% in yesterday's trading session. The race to 20,000 is on between the Nikkei and the Dow Jones. As the Yen weakens this fuels overseas appetite for Japanese stocks. Traders look to Long positions with profit targets set at 19,700 and 19,900 in extension.

23:30 (AEST) - ECB Monetary Policy Meeting Accounts
00:15 (AEST) - US ADP Employment Change
00:30 (AEST) - US Initial Jobless Claims
02:30 (AEST) - US ISM Non-Manufacturing PMI

Chart of the Day

NIKKEI 225 (NK 9/03/2017 on WebProfit)
Pivot: 19450

Our preference: long positions above 19450 with targets at 19700 & 19800 in extension.

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Posted: 1/5/2017 12:56:36 AM