A quiet session with the North Americans on holidays, and today is RBA day. As it does every time the US has a holiday on Monday, the global stock markets rallied. This was helped by the good Chinese data and British manufacturing, along with a delayed Syrian response which is all seen as calming in the market. A shortened report today, as I have a full house in the class room.
DATA HIGHLIGHTS TODAY – RBA Statement and Interest Rates. UK Construction PMI. US Manufacturing PMI.
AUDUSD – As expected we got a minor bounce in the Aussie yesterday and it will be quiet in front of the RBA meeting at 230pm today (AEST). There is now a 4% chance of a cut, so nothing will happen but I do see the Aussie getting stronger through to end of next week. The change of government will ensure the Aussie remains buoyant and push back up towards 92c.
EURUSD – A quiet session despite the positive news from the Eurozone. A bearish inside bar gives me little direction. One has to go with the immediate preceding sentiment and that is bearish.
GBPUSD – Good data on the cable gave us a strong buyer bar, although it did close mid-range. Not overly convincing of a trend change back up just yet.
NZDUSD – Back to what it was doing during the winter solstice and chopping around between 7860 and 7700.
USDCAD – Still putting in HH/HL’s as oil froths and bubbles about and I see no entry for me just yet.
USDJPY – Bounded higher on thin news as the ¥ weakened with no action in Syria. Still though, it is stuck in the range and showing no signs yet of breaking this.
GOLD – Opened weaker on Monday but retraced most of that to form a low test bar. I still see it lower in coming sessions this week though.
David Long / Proprietary Trading Manager