Starting the day

Hi everyone and welcome back! wake up to see EUR/USD testing 1.3000. Risk aversion? no. Is Friday, and the last of the month. Dollar bearish are just taking profit to close their books before summer is fully here. And you know, once started, movement exacerbates as more position closing takes place as price falls and trigger protective stops. Besides, it’s also yes risk aversion Friday! Stocks are down in Europe while US ones are set to open slightly down also. Early data in the euro zone, was also quite negative, with German Retail Sales much worse than expected, making Euro the overall loser against greenback today.

Pound seems ready to start a bearish corrective movement, losing now the 1.5600 area, while Swiss Franc remains strong, and barely reached 1.0420 in recent run. With rumors of a SNB rate hike coming soon, Swissy fall should be more limited.

USD/JPY has forgot it can go up; the bearish trend remains intact long term talking and only if US data come extremely positive the pair could correct higher. Still we reach past December low at 86.15: under that area, there should be a good number of stops, so beware of a probable sell off.

Lots of US data today, including GDP, so here is the link for today’s calendar:

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