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  • Combine some modest Dollar strength pre-FOMC and a slide from the Sterling after its run of data and $GBPUSD looks like it is tempting fate on a head-and-shoulders pattern. Dubious of follow through until tomorrow though https://t.co/jofJwvwwEu
  • Heads Up:🇺🇸 Industrial Production MoM (MAY) due at 13:15 GMT (15min) Expected: 0.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇺🇸 Industrial Production YoY (MAY) due at 13:15 GMT (15min) Previous: 16.5% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Semiconductor shortage? Outrageous lumber prices? Used cars? Those narratives are all in the data: - Motor vehicles & parts -3.7% - Furniture & home furniture stores -2.1% - Electronics & appliance stores -3.4% - Building materials -6.9%
  • May US retail sales miss expectations at -1.3% vs -0.7% exp (m/m). Core misses as well, -0.7% vs +0.4% exp. But a look beneath the hood tells a familiar story: supply chain constraints have lifted prices, so consumers are spending less.
  • 🇺🇸 PPI MoM (MAY) Actual: 0.8% Expected: 0.6% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Retail Sales Ex Autos MoM (MAY) Actual: -0.7% Expected: 0.2% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Retail Sales MoM (MAY) Actual: -1.3% Expected: -0.8% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/xJJnXsP6RX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 74.05%, while traders in France 40 are at opposite extremes with 79.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uo87CsYt4z
Long AUD, EUR, GBP, short USD

Long AUD, EUR, GBP, short USD

David Rodriguez, Head of Product

I remain long EURAUD from 1.2535 and have just narrowly missed getting stopped out. I have today added AUDUSD and GBPUSD longs to the mix as per the DailyFX PLUS Trading Signals "Trend Follower" and "Tidal Shift" strategies. I like what the S&P 500 is doing here and have flipped my bearish 'risk' bias. That leaves my EURAUD position as sort of an outlier, but my AUDUSD long gives me net-AUD long exposure and I'm looking for further strength.

Standing pat on the USDJPY for now. Recent Commitment of Traders data warns that the sophisticated Non-commercial trader market (large speculators) is piling into USDJPY longs in a hurry. It could get tricky for bulls from here on in.

--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com

To receive this author's reports via e-mail, contact drodriguez@dailyfx.com with subject line "Distribution List".

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

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