Session close (Tuesday, April 24): Settled at 1.2285, up 31.5 ticks
Fundamentals: Today’s economic calendar signals that the recent move in the Euro has stretched its limits; Business Confidence data from all regions and most importantly the German Ifo read missed while Case Shiller Housing, Consumer Confidence and New Home Sales all beat expectations in the United States. The obvious expectation is that the Euro would be lower on today's data set, but instead, it finished in the green and about half a penny from the session low. Thursday's Meeting will quickly come into focus as tomorrow’s economic calendar is quiet on both sides of the pond. We said Sunday and yesterday that the recent move in the Euro should open the door to a more hawkish than expected surprise on Thursday; a relief rally into the meeting would begin to diminish this potential.
Technicals: Price action traded below major three-star support for three short spurts but was unable to remain below this critical level at... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Japanese yen (June)
Session close: Settled at .92335, down 4 ticks
Fundamentals: The Yen continues to be the casualty to higher U.S Treasury yields, and price action dipped hard to start the session. However, the low came just in front of our major three-star support and price action clawed back to unchanged. Aiding the reversal was equity market weakness; the Nasdaq finished down 2% and lost as much as 3% while the S&P finished down almost 1.5% and lost as much as 2%. Asian equity markets notched a solid session on dovish comments coming out of China, however, look for weakness tonight to further support the Yen trade.
Technicals: Price action traded to a low of .9189 and tested major three-star support at .... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Session close: Settled at .7599, down 3 ticks
Fundamentals: The Aussie lost ground early last night after CPI missed expectations. However, the U.S dollar began to stall, and this buoyed the Aussie along with the commodity sector. Still, the recent trend is developing lower and before the session finished this is where the Aussie found itself. Equity market weakness weighed on the currency and if we see the same in Asian markets tonight, it should continue to do so. There is no data tonight.
Technicals: Today’s session high was .7621 but could not garner even a dead cat bounce to test major three-star resistance head on at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Session close: Settled at .78005, up 10 ticks
Fundamentals: The Canadian held ground very well today despite the energy sector and equity markets taking a beating. Positive comments from President Trump on NAFTA and the likeliness of a deal getting done in the next 10 days have buoyed the Canadian in otherwise not so favorable conditions. Crude Oil will be key to watch over the next 24 hours and Bank of Canada Governor Poloz speaks tomorrow a 3:15 pm CT.
Technicals: Price action is testing right into and holding major three-star support at... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.