NZD leads the way
- NZD outperforms on Finance Minister's positivity
- USDJPY makes fresh lows
- How does a bill become law in the UK?
- Gold shipments from Switzerland to China resume
- European and US equity futures move higher
- USDJPY down through lows of the day
- Tesla's 'giant contract' promise boosted Nickel's rally
- Snap look at the markets
- Eurozone July current account balance €25.5 billion vs €17.3billion prior
- Taiwan's Defence Ministry on Chinese jet incident
- Trade ideas thread take 2 - European session 18 September 2020
- EURUSD has large option up at 1.1900
- Copper set for more gains?
- UK's Health Secretary - Virus accelerating across the country
- Germany August PPI 0.0% vs 0.0% m/m expected
- UK August retail sales 0.6% vs 0.7% m/m expected
- Quadruple witching schedule for September 18
- Output at Shell's Appomattox platform ramping up tonight
- Australian PM says Victoria state virus declines are encouraging
Other markets
- FTSE -0.16%
- Euro Stoxx +0.08%
- Dax +0.35%
- CAC -0.22%
- Gold +0.42%
- US oil +0.27%
The session started with USD weakness helping push the major pairs up. The day promised potential volatility with quadruple witching in play, but that was illusory. See here for an explanation on what this is.
The NZD was the star performer for the session assisted by New Zealand Finance Minister Grant Robertson who suggested that a stronger than expected economic recovery might be likely to temper a dovish Reserve Bank of New Zealand. However, analysts still expect the RBNZ to move to Negative Interest Rates next year. RBNZ meet Wednesday 23 next week.
Close behind was the JPY and that was despite the risk on tilt. This took USDJPY down through the lows of the day. Could this be due to 'Suganomics' which Eamonn reported on earlier? Bloomberg report that Japanese sentiment has been boosted toward the Yen thanks to a pledge from new PM Yoshihide Suga for deregulation and reform.
The EURUSD was sat under a large option of over €1 billion euros. The option had a 98% call bias split, so that should be acting like a magnet pulling prices up from 1.1850 at the start of the session. At the moment EURUSD is doing little and stayed in a tight 30+ pip range.
The DXY flirted with a key intraday trend line for most of the session doing little in sympathy with the EURUSD.
Well that's all folks. A pretty low volatile end to the week despite the quadruple witching. It's been a pleasure. Justin will return next week after a well deserved break. I will maintain my daily post and will of course update everyone on how I managed my gold longs from FOMC. Have a great weekend
It's been fun!
