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- Macro players still very long of NZD but short-term market has been getting short after RBNZ and up-coming risk events;
- Interbank market reported some very solid bids yesterday at .8525 and more are expected .8500/15;
- There are some tight trailing stops mentioned above .8570 but sources with one of the big prime
It's the end of July and the holiday season in Europe and the US is getting into full swing. This will go on through the month of August so I think it's fair to assume that we will have plenty of full trading days when absolutely nothing moves. The main event
All NZD traders should take note of the Fonterra board meeting tomorrow afternoon NZ time. The following is an excerpt from a WestPac report which is available in the FXWW chat-room on Reuters Messenger.
WP.. Nzd - No dairy auction this week but note on Tuesday there is the Fonterra board meeting.
What I'm hearing from some contacts in the broader hedge fund market is that tech stocks and tech investments are very much the buzz words of the moment and the pointy end of every international flight into San Francisco is totally sold out. Silicon valley is where all the fast
- USD/CAD: 200-dma at 1.0830;
- EUR/USD: Large expiries tomorrow at 1.3450;
- Cable: Market eyeing 1.6925 as next important downside level;
- USD/JPY: Seemingly immovable obstructions 101.00/102.50 :(
- AUD/USD: Options players also all over this pair and with volumes heavily reduced from speculative accounts, breaking the range will be hard work.
- The general consensus amongst professional analysts is that the Fed will acknowledge the improvement in general labour market conditions, and taper again by $10 billion. This is the outcome which is currently being priced into the market.
- The market will be focusing as much on the wage-price pressure as on the
I'm not expecting any massive moves but with EUR/JPY looking decidedly toppy, and with heavy longs in pairs like NZD/JPY and GBP/JPY starting to exit the market, I'm still solidly in the bear camp for the short-term at least. Selling straight USD/JPY is probably the least risky way of playing