European Open: Kiwi shines, Cad whines

TGI-F!

Asian equities tried to recover overnight but we have seen rising volume on declines in global equities recently, and the charts on S&P and Dow are pointing towards a bearish break lower. Just in time for the Fed to make it’s dovish hike next week.

Crude is still at multi-year lows and this is keeping Cad under pressure; Gold is also quite subdued.
In FX space, Kiwi is the best performer although I’m not a fan of fresh entries this morning as we have already travelled quite a lot in one direction this week.

Looking forward: we have UK construction PMI & BOE’s Inflation expectations; ECB’s Cœure & Liikanen at a press conference in Helsinki; ECB’s TLTRO; and finally US retail sales. Expectations are for a firm report, so the most market moving outcome would be a weak number, which would only reinforce the dovish hike scenario and encourage further paring back of long USD positions.

The post European Open: Kiwi shines, Cad whines appeared first on www.forextell.com.

Leave a Reply