News

Trade ideas thread – European session 9 September 2021

Daily thread to exchange ideas and to share your thoughts

The dollar is in relatively good standing but not really achieving too much technically just yet on the week. Fed policymakers are still making the case for a taper by year-end and the market will have to contend with that ahead of the FOMC meeting later this month.

Risk tones are also facing a bit of a loss in momentum, so that is something to be mindful about in case the subdued tones lead to more profit-taking in the short-term.

Essentially, the market looks to be feeling things out still amid a lack of key catalyst on the week. Treasuries were a key spot to watch but 10-year yields have moved away from resistance near 1.38% to 1.33% today, keeping its recent range.

There is the case for the dollar to keep firmer amid a slightly more defensive risk tone as equities take a bit of a breather. But there needs to be more to suggest any meaningful direction as we are still just getting a lot of noise in FX for now.

At least yen pairs are keeping things interesting though with AUD/JPY retreating further from a test of its 200-day moving average to 81.00 today while CAD/JPY is inching back closer towards a test of its own 200-day moving average at 86.16.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.

Articles You May Like

CIBC see EUR/USD under parity in Q3 2022, but then rebounding
Gold gains Rs 97; silver jumps Rs 527
AUD/USD Price Analysis: Sellers eye 0.6800 as a bearish-engulfing candle pattern emerges
Uber reports another big loss but beats on revenue, shares pop 19%
USD/JPY break of the 61.8% retracement confirmed by the bond market

Leave a Reply

Your email address will not be published.