Open/Wrap

Asian market open, Monday November 5th

You can click through here and read my opening comments on FX Street.

  1. any idea where the big flows in eur were originating from? could they possibly be an indication that smart money is selling and were a likely to embark on a strong downtrend?. thanks

  2. I was a bit surprised by strong risk off move on Friday. Especially that it was first good US job report in a while (most components were strong). My simple take is that market wants to offload risk and Thu-Fri rally gave really nice opportunity to do so. On technical side SP has printed bearish engulfing candle, which would indicate further weakness. Risk of US election induced volatility unfortunately is forcing me to stay away from betting. But my read on technicals would advocate risk off positioning for the coming week. My favorite play is still selling rallies in AUD/USD.

  3. Possible Maji but more likely that hefty one-off flows are moving the market and with tight trailing stops on both sides, moves are being exacerbated. I can’t see any deep and meaningful reason behind anything that’s going on at the moment

Leave a Reply

Your email address will not be published. Required fields are marked *