News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • BoE Governor Bailey: - Economic picture has been mixed since September as Covid resurges - Little evidence to go on for impact of January lockdowns $GBP
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.68% 🇳🇿NZD: 0.56% 🇦🇺AUD: 0.56% 🇬🇧GBP: 0.13% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZtmzE3dmEy
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 1.15% Wall Street: 0.59% FTSE 100: 0.09% Germany 30: 0.08% France 40: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kCbRldWQS1
  • Joe Biden is officially sworn in as President of the United States.
  • Joe Biden sworn in as 46th President of the US. $USD
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • $EURCAD fell from around 1.5440 to around 1.5300, hitting its lowest level since early July, following no change to BoC's policy and a press conference from BoC Gov. Macklem. $EUR $CAD https://t.co/UUmfalRbef
  • $EURUSD is bouncing between well-established technical levels - to the upside the midpoint of the pair's historical range and head-and-shoulders neckline. Downside, 38.2% Fib of past three months run and 50 DMA https://t.co/v5Ly5Ctnvj
  • BoC Governor Macklem: - Rise in Canadian Dollar does pose some risk - We don't target the Canadian Dollar - Most appreciation in Canadian Dollar is coming from broad-based depreciation of US Dollar #BoC $CAD
  • BoC Governor Macklem - Micro-cut is one option available to the BoC - If we see further appreciation of CAD that will become more of a headwind and that presents downward risk to our projections $CAD
Daily Observations: September 02, 2013

Daily Observations: September 02, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long USDJPY (1/2) from net 97.95, Stop at 98.20, Target 1 at 98.20 HIT, Target 2 at 99.20 HIT, Target 3 at 99.80

Closed Positions:

- Closed GBPUSD Short from net 1.5535 at 1.54625 for +72.5-pips

- Closed USDJPY (1/2) from net 97.95 at 99.20 for +125-pips

The news that the United States would stay out of Syria for the time being propelled equity futures across the globe higher, boosting risk appetite across the board. Concurrently, with European PMI figures continuing to surge, there's little need for safety on the day and as such, the Japanese Yen has suffered in thin market conditions.

I've taken 1/2 profit on the USDJPY position at 99.20 as previously discussed; and I'm watching the bigger picture breakout of the descending trendline off of the May 22 and July 8 highs.

With US NFPs on Friday, it would be short-sighted and premature to declare the multi-month consolidation finished (which has formed a Symmetrical Triangle dating back to April; in context of the broader uptrend, this is a Bullish Continuation pattern).

A major miss, for example, would undoubtedly (from point of view) sink US yields and drag the US Dollar much lower as investors reconsidering 'Septaper.' Ahead of Friday, I'll be looking to add on dips in USDJPY; though I will certainly trim positioning ahead of potentially momentous volatility.

Are you new to FX or curious about your trading IQ?

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 06:00 EDT / 10:00 GMT, in which I delve deeper into my positions and thought processes behind my analyses.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES