FOMC Minutes ahead of Jobs data
Bill Baruch of Blue Line Futures - - Wed Jan 03, 4:23PM CST
FX Rundown

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Euro (March)

Session close:Settled down about 30 ticks

Fundamentals:Todays Fed Minutes were very neutral and put emphasis on gradual rate hikes due to lagging inflation. They expressed that inflation might stay below the objective for longer than expected. However, growth and consumer spending forecasts were raised due to the change in tax-policy. Despite a new record low in German Unemployment, the Euro began paring gains this morning ahead of todays Fed Minutes and saw pressure due to stronger than expected ISM Manufacturing. Tomorrow brings Services data throughout the Eurozone but traders truly await a busy Friday that has Eurozone CPI and U.S Nonfarm Payroll.

Technicals:Yesterdays price action neared major four-star resistance but clearly ran out of gas as long took profits ahead of a busy week. Like we said yesterday, support at...Please register for a Free Trial to view our entire technical outlook and proprietary bias and levels.

Yen (March)

Session close:Lost about 16 ticks on the session

Fundamentals:No major news on the Yen front this week. Manufacturing PMI data is due out tonight at 6:30 pm CT along with an overlooked Chinese Caixin Services read at 7:45 pm. A big miss on the Caixin should wake up some bulls in the Yen. The S&P and NQ had monster sessions, however, Treasury prices in both the U.S and Germany edged higher and helped keep Yen sellers at bay.

Technicals:A solid start to the year for the Yen failed to garner any follow through. Todays price action...Please register for a Free Trial to view our entire technical outlook and proprietary bias and levels.

Aussie (March)

Session close:Gained a few ticks

Fundamentals:The Aussie squeaked out its 14th green session in 16. Prices have continued higher on Dollar weakness and commodity strength in a quiet week for the news out of Australia. Buyers continue to bet on a more hawkish RBA at their meeting more than a month away and one that could hike in Q1. AIG Services data is due at 4:30 pm CT today and Chinese Caixin Services is tonight at 7:45 pm. Traders await tomorrow night Aussie Trade Balance data.

Technicals:The Aussie has made a higher high for six straight sessions before today merely matching yesterdays high. With the 14-day RSI trading...Please register for a Free Trial to view our entire technical outlook and proprietary bias and levels.

Canadian (March)

Session close:Lost nearly a quarter on the session

Fundamentals:Price action pared some gains after finishing green in seven out of eight sessions. Tomorrow we look to the Raw Materials Purchasing Index and Crude Oil inventories. The Canadian failed to follow Crude higher as it gained nearly 2.5% on the session. Tomorrow will be an interesting day for the trade as we eye jobs data from both Canada and the U.S on Friday.

Technicals:The tape was subdued through today and ultimately due for a consolidation lower as it neared...Please register for a Free Trial to view our entire technical outlook and proprietary bias and levels.

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