AUD/NZD Trade Of The Week: Looking For A Break Of 1.0928 To See 1.1060 Area

FX Week In Review

USD

An interesting week for the Dollar a strong start as we pushed up to the high of 95.53 and into resistance, but Friday brought a huge drop back to 94.47, so finishing largely unchanged.

EUR

The Euro still on life support, not showing much life the EXY closing virtually unchanged at 117.00.

GBP

The Pound had a mixed week, as it was bounced around by Brexit news and the EU summit and looming Chequers summit. GBP was unchanged against most majors, even good Q1 GDP revisions did not help.  

YEN

With no data or significant news out of Japan the JPY was not lifted, so not much to report.

The Week Ahead

Summer is finally here, as we put our summer trading hats on, or as the sun is out in the UK (rare in the summer) we raise a Pimm’s to summer trading. We have a different strategy to a slower period as people take time out of the office for the next few weeks. But last week did not disappoint with the US Dollar taking centre stage with rising inflation causing the moves. This leads on to some important inflation data last week, with some inflation targets hit in a few major economies, all this from the lows in inflation and growth from the last crisis in 2008. We now come up against a great economic problem of rising inflation and faltering growth, a great crossroad and opportunity for currency trading.

We will see if the run into summer 2018 will be wild or slow, we have the 4th July celebrations in the US then the FOMC and Friday’s NFP. Plus, some PMI prints scattered through the week.

We repeat every week, the US trade war, with China always of interest in their response and Canada introducing a like for like Dollar tariff on many products. We also had President Trump angry with Harley Davison for moving some production abroad to negate the trade tariffs and last but not least Brexit dominating the headlines.

Again, we feel the biggest development is England’s continued progression in the World cup! Happy Trading and watching your team in the World Cup!

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