Currency call summary 19 10 2021:
To start off today's call Gim Hong was back and discussing the RBA Meeting Minutes with tapering to take place in February 2022. And no significant mention of interest rate increases with the Evergrande situation still playing out and could lead to less economic activity out of China and hindering the export demand for Australian materials from China.
Currently as I write this the DXY has continued it's down move and is below 93.67 which was below recent lows, therefore some trend continuation with the major pairs. This is also in a week with a lack of price sensitive news for the DXY and this break out should be monitored closely if more selling on the green back continues for the rest of the week.
For the EURUSD there is CPI data out from the EUR with an expected higher inflation coming out on Wednesday afternoon, all news coming out for the DXY is lower impact this week and with the DXY breaking below 93.70 a long thesis is present for the EURUSD. Entering here now with a 20 pip stop loss and a 40 pip take profit was expressed and remember to use strict risk management. The EURGBP is a no trade currently given the strength being seen in both the EUR & the GBP.
A disclaimer; Any information shared during this session is not intended to be a trade recommendation, it is solely the opinion and views of the speaker. So, please remember to do your own analysis prior to entering any trades.
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