🌐 MORNING MEETING: Pre-NY Market Preview, June 29
Updated
Morning traders! Here is our morning meeting ahead of the NY open. Leave us a comment about what you want to trade today! Let's make this a constructive discussion for the trading day.
🔴 GLOBAL MARKETS (main chart)
Morning traders, Asian markets closed lower, including the Nikkei 225 which is down 0.80%, which is one of the reasons why the JPY has been performing exceptionally well this morning.
European markets are in the green so far, with the DAX leading the other indices (up 0.79%). The FTSE is the weakest among the major three European markets, but the traditionally high correlation between DAX and FTSE could lead to further strength in the latter.
🔴 USD INDEX
The US dollar edged higher this morning on a slight rebound in short-term US yields. The positive relationship has been established again, and the support at 91.50 is still a major obstacle to the downside.
To the upside, 92.40 remains the next hurdle.
🔴 COMMODITIES
Among commodities, copper is clear loser, down more than 2% in the last few days. Other comms also feel the pressure of a strengthening US dollar, including Brent crude.
Weak copper prices added to selling pressure in the AUD, which is one of the weakest currencies today.
🔴 CURRENCY STRENGTH
Looking at the individual currencies this morning, the JPY and USD are the top performers (lower Asian indices, risk-off, and the rebound in US yields), while AUD and NZD are the weakest (falling copper and commodities, one of the reasons).
🔴 TRADE PLAN FOR TODAY (JUNE 29)
- Long USD and JPY on pullbacks and short risk currencies (AUD and NZD).
🔴 GLOBAL MARKETS (main chart)
Morning traders, Asian markets closed lower, including the Nikkei 225 which is down 0.80%, which is one of the reasons why the JPY has been performing exceptionally well this morning.
European markets are in the green so far, with the DAX leading the other indices (up 0.79%). The FTSE is the weakest among the major three European markets, but the traditionally high correlation between DAX and FTSE could lead to further strength in the latter.
🔴 USD INDEX
The US dollar edged higher this morning on a slight rebound in short-term US yields. The positive relationship has been established again, and the support at 91.50 is still a major obstacle to the downside.
To the upside, 92.40 remains the next hurdle.
🔴 COMMODITIES
Among commodities, copper is clear loser, down more than 2% in the last few days. Other comms also feel the pressure of a strengthening US dollar, including Brent crude.
Weak copper prices added to selling pressure in the AUD, which is one of the weakest currencies today.
🔴 CURRENCY STRENGTH
Looking at the individual currencies this morning, the JPY and USD are the top performers (lower Asian indices, risk-off, and the rebound in US yields), while AUD and NZD are the weakest (falling copper and commodities, one of the reasons).
🔴 TRADE PLAN FOR TODAY (JUNE 29)
- Long USD and JPY on pullbacks and short risk currencies (AUD and NZD).
Note
We went short AUDUSD and AUDJPY in the morning. Both trades well in profit so far.
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