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USDJPY: TECHNICAL ANALYSIS - MA, KEY SUPPORT, STANDEV, IV>HV, RRYen$ Technical analysis - Bullish but fundamentally driven this week: Key level close: 1. On the daily and weekly we closed above the 2nd strongest pivot point of recent times at 1.055 - this is very supportive as historically this is the strongest level (next to 100/101). MA: 1. We trade above the 4wk ma and the 3m MA is acting as strong support (black line) - this is a supportive/ bullish indication but we have been below the 6m MA since the beginning of the year as the 2016 safe havens have outperformed - this indicates we are seeing a risk-recovery which concurs with initial thoughts IV/ HV: 1. Realised Vols have also unsurprisingly come off, this is bullish but bare in mind that brexit has distorted some of the longer dated HV (still high) and caused the spike in the shorted dated HV. Relatively, Implied vols are steepening higher than HV - with 1wk, 2wk and 1m Implied vols trade at 23.84%, 19.42%, 15.28% vs HV 1wk 2wk 1m at 6.35%, 13.16%, 17.18% - so IV is greater than HV across the front end which is bearish - though imo this shouldnt be considered so as BOJ event vol premiums are likely the culprit for the curve steepening - especially at the 1wk-2wk tenors (vs realised) so this isnt necessarily bearish. Deviation Channels/ Support levels: 1. We Trade close to the top of the 6m deviation channel at 1.0700 as we witness a recovery rally, this could be condisered bearish as we could see resistance here, but as i said i think fundamentals are more at play here than the techs. Looking at the 12m SD channel, this is more appropriate and shows us trading just above the average 12m price at 105- hence there is definitely more room for upside to 110 and we have just crossed the middle regression line implying we are entering some yearly upside deviation now, with the +2SD resistance level at 110 which is in line with the price support level at 1.09-11. Risk-Reversals 1. 25 delta Risk reversals trade bearish for $Yen, with current at -1, 1wks at -0.4 and 2wks at -0.2 and 1m at -1 - this suggest the $yen has a slight downside bias but is potentially searching for direction going into the big BOJ meeting on the 29th - investors are not committing much to a delivery or non-delivery, as the 1wks trade nearly flat at -0.4 - maybe this will change over the course of the week, but it indicates that we may see $yen trade calmly before the storm as a pose to heavy positioning before the event. - Though 3m risk reversals trade with a clearer downside bias at -1.7 which shows the market expects $Yen to trade lower in the 3m term- likely a result of investors expecting the risk-off trend of 2016 to continue. Option Demand: Significant put vol demand around the 105.5 pivot point, highly likely to be investors betting on a bearish turning on the break of the level (though expiry in 2 days). Going forward we see more call demand, on Wednesday we have large 106.25 notional and thursday 107.25 notional respectively - likely buying a pre-event $yen breakout as investors usually prince in too much of a BOJ delivery. *Check the attached posts for indepth fundamentals*
Long
by QuantumLogicTrading
BoJ IR Event Based Click-In Scenarios - Updating DailyIf you fancy clicking into events, a good fill on any of the cases identified can provide sustained profit for a few minutes given the amount of volume and institutional order flow in USDJPY anticipating the interest rate decision this Thursday. The market is definitely expecting some relief for yen strength, as Japanese exporters are crying for mercy and Abe + Kuroda have promised some sort of easing, save helicopter money. The way I see it, a cut to -.2 and/or the unlikely scenario of helicopter money, or something essentially the same in all but name, will validate the bull theory and cause a whip up until around the at least the 107.50 (soft resistance) to 108.00 (strong resistance). A minor cut of -1.5 promotes upward move until the stronger resistance to 107.50 while the unchanged scenario will provide some bearish pressure to the 105 (soft support) to 104 (strong support) levels. This is purely based on how I have observed this product trading on the interbank FX ladder post Brexit and is subject to change given outsized news promoting dollar strength/weakness prior to the BoJ decision or any remarks by Abe or Kuroda in the upcoming days. I will update price targets and levels below throughout the week accordingly.
by roshhhyy
USDJPY V GOLD: BEST VALUE - RISK-ON SELL JPY; RISK-OFF BUY GOLD Why Gold is lagging Safe have losses & Yen is outperforming 1. When looking at Gold vs Yen or XAUJPY it becomes apparent why Gold is lagging the broad safe haven losses that we have seen during this risk-recovery rally - investors are buying gold over Yen - so gold appears to be their preferred safe have asset to hold in a risk-on rally - likely a function of perceived future weakness of Yen? BOJ/ JPY Govt stimulus? - This may be the case for three reasons; 1) Investors speculate JPY is due further downside gains compared to gold (Gold is the stronger Risk-off asset) and they speculate that BOJ may deliver a big devaluing package and/ or 2) They believe JPY is more overvalued than Gold so they sell their JPY holdings over their Yen. 3) Gold is more illiduid compared to Yen e.g. investors have been able to sell their Yen faster/ easier than their Gold as Gold is a physical asset and FX markets are the most liquid markets in the world - whereas Yen is pure currency which is convertible at any level. Implications: 1. This infers that investors expect Gold to continue to outperform in risk-off rallies going forward - which makes sense given Gold is already up 30% this year vs Yen's only 20% up - so they see further upside for Gold. This could be the case as the market discounts the probability that the BOJ/ JPY govt delivers a large easing package which devalues the JPY. - Therefore Gold shorts should be careful during this risk-on rally as when the tides change back to the trend of risk-off, Gold is more likely to rally aggressively in comparison to Yen. Trading strategy: 1. Buying Gold on the risk-on reversal (to risk-off) - we should allocate the liquidity to Gold over Yen to take advantage of this investor sentiment. 2. The market is clearly discounting quit aggressive JPY weakness when relatively compared to other safe havens - likely due to BOJ/ JPY Govt stimulus worries. - Knowing this, we should potentially position for JPY shorts - since the market clearly is positioning for some serious JPY weakness relatively - a big BOJ package? 3. Whilst safe havens have outperformed risk by 14% (20% safe havens 6% risk-on assets - pre-brexit) - Gold has also outperformed Yen by 7%. - Therefore in risk-off rallies we SHOULD expect Yen to underperform Gold e.g. GOLD should be brought over Yen. - In risk-on rallies (now) we should expect Yen shorts to outperform Gold as Yen is considered the poorer asset - USDJPY longs are better/ safe than Gold shorts (hence supporting my long $yen view). *Check the attached posts that also support the long $Yen view in this market*
FX_IDC:XAUJPYLong
by QuantumLogicTrading
5
USDJPY: Trying to catch the exact topDear traders, we have a few 'Time at mode' signals on chart, obtained from the daily and 8h chart. The potential time and/or price targets on chart, are levels (and dates) where USDJPY might top, and resume the longer term downtrend it's currently embarked on, which is being retraced as we speak, as a result of news of potential fiscal stimulus by the BOJ, which was rumoured to triple the estimated size announced recently, today. The chart tells me we will see an euphoric top in it very soon, and I will look into shorting as soon as we break a daily bar's low, forcefully. I'll update the chart as the setup pans out (or not), detailing when to take a position, and with which stop loss and target. No one should miss this trade, once it's confirmed, that is. Check out my updated track record here: pastebin.com If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Short
by IvanLabrie
2
Yen TWI chart: Bearish continuationWe have a very clear setup with the market rolling over after hitting an options expirations key level, since the Yen pairs soared due to Bernanke's helicopter money suggestion to Kuroda. In this chart you can observe the trade weighted index chart behavior, to more clearly illustrate the true strength in the Yen, clearly, this year's top investment, closely tied with precious metals and mining company's shares, and to a lesser extent bonds. I reccomend going long the Yen, pick your desired instrument, give it enough breathing room and let it run. We seem to be ready to resume the downside push with force. Hold on tight! Check out my updated track record here: pastebin.com If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance% on such information.
Short
by IvanLabrie
9
JPYUSD: The yen rally continuesAfter Bernanke visited Japan, and whispered into Kuroda's ear, the market reacted with a strong decline in the Yen, accompanied by a broad risk on rally that absorbed the Brexit losses. It's possible that this rally has topped, with all or most bears forced to cover their shorts, collaborating with the momentum run. If you are a 'Key Hidden Levels' subscriber, one look at the RgMov indicator here will tell you what the main trend is, and when to enter long to rejoin this trend. It'll be a good idea to enter longs above today's high on Monday, with stops under today's low, or you can speculate on this new daily high, and just enter at market now. It's up to your risk aversion and discretion, just keep in mind the setup's rules involve buying the new daily high on Monday, and sacrificing a couple pips, for a lower risk entry. Check out my updated track record here: pastebin.com If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Long
by IvanLabrie
USDJPY: LONG UPDATE - RENEWED JPY FISCAL STIMULUS SPECULATION?I posted earlier with my 107 USDJPY breakout trade (see attached post) - one of the reasons I said to long USDJPY on the 107 break-out was due to JPY Govt stimulus speculation. In the last few hours we have seen fresh speculation of the JPY stimulus, with JPY20trn now being discussed/ proposed to be on the table - this renewed rhetoric is nothing but positive for the 107 breakout long trade i posted a few hours ago and supports it as YEN20trn is approximately $200bn, which is certainly enough new liquidity to give confidence to markets and spur risk markets onto fresh highs - further this JPY Govt stimulus is speculated to be combined WITH BOJ easing, so markets get a compounded risk rally since there are two potential drivers (BOJ cut rates by 10-20bps + add to maturity/ purchases of JGB and EFT). Plus today after seeing the RBNZ's dovish economic assessment (where an Aug cut is almost 100%), this gives risk markets even more fuel thus encouraging $yen to trade to the 109-111 levels i expect - though BOE K. Forbes hawkish comments negate some of this. The new JPY Fiscal stimulus speculation: 1. JAPANESE GOVERNMENT CONSIDERING 20 TRILLION YEN STIMULUS PACKAGE SAYS KYODO - "The government initially envisaged compiling a stimulus package of somewhat more than 10 trillion yen . But the size is likely to double as the package will now include projects for fiscal 2017 and beyond and increase "zaito" low-interest government loans by 6 trillion yen," Kyodo reports. 2. "The government initially envisaged compiling a stimulus package of somewhat more than 10 trillion yen . But the size is likely to double as the package will now include projects for fiscal 2017 and beyond and increase "zaito" low-interest government loans by 6 trillion yen," Kyodo reports. 3. "The stimulus could be even larger, they report. And able will look for the rubber stamp from the Cabinet in early August. About half will be earmarked for infrastructure." Trading strategy going forward: 1. Trading strategy remains the same from the 107 breakout post that i made earlier e.g. 109TP1, 111TP2 - all that has changed from the post before is that the strategy has been reaffirmed/ strengthened upon this renewed JPY stimulus speculation , given this was one of the drivers i cited to move USDJPY to the 109 then 111 level once the 107 confirmation level was broken. - In early asia trading, as yesterday, net risk sentment remains stable with safe havens gold, yen and bonds down as well as risk, though risk down slightly less. For the day, I expect risk-on sentiment to win as Thursday historically is the best day for stocks (before going into the friday end of week sell-off) + post market Wednesday some large firms posted outperforming earnings which should continue helping the risk appetite move higher (Intel + Morgan stanley beating EPS and revenue forecasts) when the main LDN and NY sessions get underway down the line. *Check the "USDJPY: BUY THE BREAKOUT" post attached for more details on the trade discussed above posted 7 hours ago*
Long
by QuantumLogicTrading
7
SHORT GBPUSD: CENTRAL BANK EXPECTATIONS - BOE/ ECB/ BOJ & FOMCReuters Analyst Expectations: FOMC 1. IMPROVING DATA POINT TO SEPTEMBER RATE HIKE - - The Fed is very unlikely to spring any surprises at the upcoming FOMC meeting, which concludes next Wednesday 27th July, but a September rate hike is a distinct possibility. The statement next week should acknowledge the apparent pick-up in second-quarter GDP growth, particularly the recent strength of consumption, and also the rebound in employment growth in June. The Fed won't commit itself to a September rate hike at the July meeting, however, hints will be eyed closely. - Currently the 30 day federal funds rate option implied probability is consistant with the increasing chances of a September/ Novemeber hike view as the probability continues to increase to new post brexit highs e.g. 25bps FOMC hike probability for Sept/ Nov/ Dec increased to 24.6%, 25.7%, 41.6% from 18.8%, 20.2% and 39.5% yesterday. With Dec now pricing 2 hikes at 9.1% up from 7.1% - as risk markets continue to set new highs increasing confidence. BOE 1. BOE SEEN CUTTING BANK RATE 25 BPS TO 0.25% IN AUGUST - BoE Seen Restarting QE In August, Top Up With GBP80Bln adding to GBP375bn - Median 60% Chance Of UK Recession In The Coming Year - UK Economy Seen Growing 1.4% In 2016, 0.6% In 2017 (Prev Seen 1.9%, 2.1%) - Short Sterling constant 3m Libor Option Implied cut probabilities remained flat on the day at 30% chance of a 25bps cut - however risk markets rally buoy hawkish expectations though this is fundamentally expected to impact the BOE decision since markets are rallying as a function of the BOE cutting (its a loop that the BOE will be aware of). ECB/ BOJ 1. ECB not seen to cut rates but some analysts think there may be an extension to the maturity of ECB's APP e.g. further into 2017, though the purchase amounts is not expected to change at EUR80bln a month - nonetheless a 3m extension is an extra EUR240bn and a 6m is EUR480bn, so such an announcement on Thursday would certainly continue to fuel the rally in risk markets. 2. BOJ - there is less consensus on the BOJ meeting on the 28th, though the forecasts seem to sit between a 10-20bps cut to the key rate + an extension to the ETF purchases (Maturity and monthly purchase amounts) + an extension to the JGB purchases (maturity and monthly purchase amounts) - a BOJ surprise to the upside would undoubtably enable risk markets to continue to rally, though if it goes the other way (Kuroda underdelivers) this could be the impetus to stop the risk rally in its tracks. Trading Strategy: 1. Short GBPUSD on Pullbacks to 1.33/4 (if we see any now - unlikely but possible if retail sales outperform and the market prices the strong CPI/Employment at the same time) - 1.305TP1 1.285TP2 1.25xxTP3. - I posted this trade a few days ago when the short price was favourable - at these levels i DO NOT advise shorting. 1.33 is the minimum entry - I just posted this as a short confirmation/ central bank watch post. 2. The above supports the short GBPUSD play as 1) Easing from ECB/ BOJ puts pressure on the BOE to ease (as the GBP appreciates against the JPY/ EUR in this situation which is deflationairy) thus BOJ/ ECB easing increases the already consensus view that the BOE will ease - a BOE easing of 25bps cut and 80bn extension to the QE would certainly move us through 1.25. Infact I believe the 25bps cut alone is enough to do that. If BOE delivers £80bn in QE then that will move GBP even lower to perhaps 1.20/23. - Further, on the FOMC stance, a more hawkish FED strengthens the long dollar leg of the short GBPUSD which compounds the momentum that GBPUSD can move lower as we move towards two drivers vs just the one with the BOE easing. We now have BOE easing potential combined with ever increasing FOMC hike expectations fuelling USD demand which in turn/ combined will send GBP$ lower faster.
Short
by QuantumLogicTrading
3
USDJPY: BUY THE 107 BREAKOUT - RISK-ON TO CONTINUE - BOJ/ BOEUSDJPY: 1 . Been watching $yen closely as my top 2 trades this week (along with GU). As expected/ foretasted 107 was the next key risk sentiment resistance level after 104 and after buying the 104 breakout i have confidence/ advise buying the 107 breakout - we have now crossed the 3m moving average at 106 which provides support/ confirms bullish move. 2 Risk has been depressed excessively in the past 6-months but more so directly after brexit - this risk rally (SP highs etc and UJ higher) isn't a fundamental change in risk sentiment imo (e.g. i dont forecast an UJ uptrend now) however i do believe this is a 2-4wk risk recovery before moving lower again back through the 104 level to the 102. 3. This risk recovery is being fueled by 1) JPY/ BOJ Stimulus hopes since the BOJ hasnt cut its rate since January the market expects strong easing from JPY Govt and BOJ. 2) Markets expect a 25bps cut in the Bank Rate and GBP80bn extension in BOE QE. 3) Several other CBs e.g. RBA/ RBNZ/ PBOC/ ECB are also expected to ease at some-point in 2016 so all speculations are being priced into this risk rally as upside. 4) As mentioned above, risk was depressed for several weeks into/ out of brexit so this is a recovery leg higher e.g. shorts profit taking/ washed out. Volatility: 1. Current 25 delta Risk Reversals RR trade negative at -1.7, indicating either 1) the market is long Spot UJ but covering the downside possibility with options or 2) Option speculators like their chances with UJ lower - given the bullish bias id like to think the first is true. 2wk RR covering the BOJ however surprisingly trade close to flat at -0.3 - i see this as the market really not knowing what to expect/ sitting on the fence. Usually we see a strong bias to put's or call's but given BOJ/ Kurodas history (under-delivery) but also the current situation it makes sense why the market is flat with positioning. 1. IV 1wk and 2wk is: 11.41% and 19.27% and realised is: 6.35% and 13.16% - IV outperforming HV is a bearish signal but given the way markets have been rallying it is unsurprising that demand has increased (i dont see this as a bearish sign). Notably we see a spiking of 2wk IV at 19.27 vs 13.16HV which covers the BOJ meeting, thus clearly there is alot of anticipation going into the meeting.. i expect 28th vol to increase as we get closer to the event which could cause UJ selling however, BOJ expectations will outweight this (e.g. if 20bps + QE is expected we will see UJ upside). Trading Strategy: 1. Buy USDJPY 107 break-out - should be 100pip+ squeeze as shorts are washed out as clearly there are alot of sellers in the market here who will have stops above the big fig (wait for confirmation e.g. high time frame close above 107.) 109TP1, 111TP2 - I don't see USDJPY breaking the pre-brexit recovery rally highs at 112 - if it we were to, this could perhaps signal a true shift in risk sentiment (e.g. market is now fully risk on). - Late now but as initially mentioned this trade combined with the short GU worked well at hedging the risk-on risk-off dynamics at play (see attached) - still if GU retestes 1.33/4 shorts are strong at this level. 2. Assuming my initial assumption is correct e.g. <112 is the terminal rate for this recovery rally, I will then turn net seller of USDJPY and sell to 107TP1 104TP2 100.5TP3 but I will post about that nearer the time. 3. On a side note, if we were not to break 107 (unlikely as safe havens are taking heavy losses and stocks continue to make new highs) this level could be the risk sentiment pivot, but i would update if that becomes the case. If we do not break 107 today, it should be tomorrow as thursday is the traditional risk-on day. Risks to the view: 1. Obvious risk to the view is that 1) JPY/ BOJ easing expectations wane which cause the bull rally to fade - something which is highly possible but more and more unlikely as we get closer (only 8 days away). 2) An unforeseeable risk-o
Long
by QuantumLogicTrading
5
NZDJPY: Potential downtrend continuationThe gap up gave a tighter entry in this pair. If you didn't short at market open, you can enter on a break of Friday's close or Friday's low, or at market, depending on your risk appetite. Stop loss should be as depicted on chart. If we break down with sufficient force, the monthly downtrend target on chart might get hit. If this downtrend is to pan out, we'll be returning to a monthly uptrend mode below, which acts as a magnetic level, once the level above is broken down convincingly. I like how the price action around the previous RBNZ rate cuts has given us clear indications of where the range would get capped, and it seems to be the case once again. Check out my updated track record here: pastebin.com If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Short
by IvanLabrie
EOW SUMMARY: RISK THE OVERALL WINNER - US30 & SPX @ 2% NEW HIGHSEnd of Week Summary: 1. On the week we saw risk outperform safe havens for the first time since the brexit vote and the SPX and DJ30 set new all time highs by 2% and 1.2% respectively - somewhat encouraging given this was the longest period post-crisis that equity indexes have had since new highs, with a total time of apprx 1 year. 2. Given the articles attached, this week was also the first week where risk-on/ risk-off positive correlations broke down and went back to some degree of normalcy, with Gold, Yen and bonds ending the week down some 5 - although the TRY Military Coup did cause some risk anxiety late on friday and caused safe havens to par some of their losses by 1% to close down apprx 4%. 3. Drivers of the risk-on rally i must say did come as a surprise, given the relatively subdued economic climate post brexit, with little planned risk-on drivers in sight. However, it was JPY's surprise talk from PM Abe/ BOJ Kuroda easing/ stimulus speculations at the start of the week (speculations around y10-20trn) that gave risk markets some legs - despite the reliability of the claims being denied by much of the JPY Govt though there certainly is no smoke without fire. 4. The other winner of the week was USD , much of which was safe haven demand on Friday (TRY Coup) but $ strength had built through the week on the back of hawkish FOMC speak sentiment (see attached) and risk markets rallying, causing rates to also rally (UST 10y averaging +4-5%) where all have contributed to increased market confidence which has translated into higher projected rate hike probabilities for their Sept/ Nov/ Dec meetings - currently at 12.9%/14.4%/38%, which is pretty much a 100% increase in expectations on the week. - Once risk got going, given the severe depression, it was unsurprising that it did manage to run away higher - as safe havens needed a correction higher, if only in the short term. Next week Projections: 1. Given last week, and most of friday, the obvious expectation would be to expect risk to continue on the offer and making new highs - however, late on friday afternoon we saw risk-on/risk-off balance tip in favour of safe havens as the TRY Coup uncertainty increased risk-off demand. - Friday traditionally is a weak day for risk anyway as 1) end of week sellers/ weekend flat risk books cause a natural selling of risk, and a natural buying of safe havens as portfolios look to hedge weekend event risk over the two days that the markets are closed (especially as the session ended i the middle of the TRY coup). - That in mind, i was surprised to see risk even trading better than safe havens on mid afternoon Friday at all (until TRY) - with Yen falling to 106.3 and goldd down 0.9%, i was confident that we would enter Monday with a risk-on tone.
TVC:DXYShort
by QuantumLogicTrading
2
LONG DXY/ USD VS GBP: HAWKISH FOMC LOCKHART SPEECH HIGHLIGHTSFOMC Lockhart was the 4th Fed this week to imo be relatively Hawkish with his words, most notably reinforcing with the others brexits near-term stability saying "Doesn't Expect 'Brexit' to Have Near Term Impact on Economy" and " So Far 'Brexit' Reaction Largely Orderly". Most interestingly though was Lockharts view on the FOMC's positioning for future rate increases, saying "Won't Rule Out Two Rate Rises This Year" - which is extremely hawkish given most expect 1 at the most.. Back up this sentiment by insisting that the Fed is "Fed Not Behind Curve, Has Time to Decide on Next Rate Move". Nonethless Lockhart did somewhat contradict his "rate expectations" by saying "Time for 'Cautious and Patient Approach' to Rate Policy" which surely shouldn't be the case if 2 hikes are coming - that would be on the aggressive side. All in all, Lockharts comments go hand in hand with my Bullish medium term USD/ DXY view (see previous articles) - I like the USD vs EUR, JPY, GBP, AUD, NZD in the medium term so long DXY/ USD is favoured, even more so if 2 rate hikes were to be realised this year. At current levels short GBPUSD is my favourite expression FOMC RATE HIKE IMPLIED PROBABILITIES - On the likelihood of rate increases, in the past 24 hours, from the Federal Funds Rate implied probability curve we have seen rates/ probabilities firm after yesterdays "risk-break" recovery, with a 25bps September/ Nov hike steepening to 17.2% from 11.7%(Wed), and Dec setting new highs at 35.9% from 29.5% (Wed) - Dec also went on to double the probability of a 50bps hike to 5.1% vs 2.8%(Wed), giving Lockharts comments some weight. FOMC Lockhart Speech Highlights: -Fed's Lockhart: Fed Not Behind Curve, Has Time to Decide on Next Rate Move -Lockhart: Time for 'Cautious and Patient Approach' to Rate Policy -Lockhart: So Far 'Brexit' Reaction Largely Orderly -Lockhart: 'Brexit' Will Increase Long Term Uncertainty -Lockhart: Doesn't Expect 'Brexit' to Have Near Term Impact on Economy -Lockhart: Bond Market Yields Largely Reflect Flight-To-Quality Buying -Lockhart: Too Soon to Say 'All Clear' for Financial Markets -Lockhart: 'Brexit' Not a 'Leman Moment' -Lockhart: Still Expects U.S. to Grow by 2%, Expects More Job Gains -Lockhart: Economy is 'Performing Adequately' -Lockhart Says Fed Has Time to Decide on Next Rate Move -Fed's Lockhart: Presidential Election May Be Boosting Economic Uncertainty -Fed's Lockhart: Won't Rule Out Two Rate Rises This Year
TVC:DXYLong
by QuantumLogicTrading
SELL NZDUSD - RECONFIRMED BY 12M HIGHS? CPI PRINT EYED CLOSELYAlso as additional technicals to support the short NZD$ view: 1. On the daily and NU currently Trades close/ at to its +2 standard deviation lines, these are highly resistive. - Assuming NU trades mean reverting +2SD means there is a 95% chance of a price reversal/ 95% of all prices should be below the +2SD channel lines (e.g. NU highly likely lower from here). -- And as you can see by the Yellow circle highlights NU has held this +/- 2SD discipline in the past so is highly likely to maintain these levels in the future. 2. Also NU trades significantly above its 60, 120, and 250 Moving Averages on 1h, 4h, 1D, 1wk - this also signals strong overbought prices, where selling has a higher probability of success. 3. NZD$ looks to have confirmed the 0.73 12 month high level as resistance - strong pivot point. 4. The strong 100k+ print beat from NFP last week imo didnt price much into NZD$ downside at the time, however given the reaction in the Fed Funds rates market, it may be pricing now as the market now implies a 25bps hike at 5.9% Sept/ Nov vs 0% prev, 22.5% Dec vs 18.5% prev - 50bps hike 1.1% vs 0% - also the probabilities of cuts all fell significantly across the curve. 5. Risks to the view continue to be a hawkish RBNZ - as we saw last week the short played well but was undermined at 0.70 when RBNZ speaker highlighted the HPI issue and inferred the cut may not happen in Aug as a result (Hence the recovery back to 0.73). - The rate cut went from 80% to 50% on the back of these comments imo - now NZD CPI inflation and employment readings in the coming 30 days serve as the determinant of their Aug decision, a flat or miss CPI print will likely mean the RBNZ will cut 25bps (CPI is the no.1 target), so beyond the 0.73 level resistance we look for certain confirmation in the CPI reading, though it will be difficult to know what the market is thinking/ to get ahead of the market in the lead up, where the short was a giveaway before the RBNZ's new comments were on the table. - Also on this point it is worth noting that given many of the worlds CBs have shifted to a dovish tone in light of the brexit vote (e.g. RBA BOE BOJ FOMC) this indirectly puts pressure on RBNZ to cut as Kiwi/ NZD will continue to appreciate causing disinflationairy pressures/ brakes to continue on the nzd economy, thus we also carry positive upside given the worlds policy positioning at the moment. Trading Strategy 1. Sell @0.726 TP 0.702 SL 0.732 - More aggressive shorts may be added if confidence in a cut is higher - a cut will send NU down to 0.67 at least for example. *Be sure to check the attached post "SELL NZDUSD @0.73 - TP 700PIPS: BREXIT, RBNZ, FED & USDJPY HEDGE" for NZDUSD short fundamentals*
Short
by QuantumLogicTrading
1
LONG USD VS JPY, EUR, GBP: HAWISK FED BULLARD - FED FUNDS RALLYBullard is the lone Fed official forecasting just one additional rate increase, and expects modest growth over the next two and a half years. But he reiterated Tuesday he's not expecting the economy to head south. However, did go out of his way to mention a relatively dovish point "We Have Some Ammunition if We Need it During Next Recession". Nonetheless he remained hawkish net on the margin, reiterating FED Georges hawkish comments regarding the labour market "About as Good as It's Ever Been", whilst using the June NFP print to flatten any questions regarding the low May print saying "Strong June Jobs Gains Showed May Report Was 'An Anomaly'". Similarly Bullard continued with Georges sentiment of the US's post-brexit robustness stating that the "Market Reaction to Brexit Shock Was 'Satisfactory,' 'Orderly'" - and infact surprisingly pushed this hawkish brexit sentiment on to new levels of "Ultimately the Brexit Impact on U.S. Economy Will be 'Close to Zero'". This is perhaps the most hawkish/ upbeat statement i have heard form a key Fed member since the decision which is positive given Bullard's naturally dovish stance. Bullard also stressed the need for a solid US Fiscal package to boost demand, where i have to say fiscal stimulus has almost gone forgotten about in the last 7-years post crash, given the dominance of the central banks, quoting "U.S. Badly Needs Fiscal Agenda for Boosting Economic Growth". Once again todays "FED speaker tracker" continues to add to my long $ view in the medium term. Today already we have seen front end rates continue their aggressive recovery this week, with the fed funds rate implied 25bps hike probability now trading for Sept/ Nov at a whopping 18% vs 11.7%Mon, with Dec trading at 36.3% vs 29.2%Mon . 10y UST (TNX) rates trade up another 4% today after a 5% gain yesterday, whilst 30yrs trade 3% up on the day (TNY) - as global risk rallies. Whilst USD is trading a little weaker in the immediate term as it readjusts lower for risk-on USD selling, long USD/ DXY is my medium term view as we continue to see the US FOMC Rate curve aggressively steepen, which is likely to continue for the next week at least - steeper implied curve means hike is more likely - more likely or realised hikes = increased (in the medium-term) dollar strength. Further, we expect dovish/ easing BOJ BOE ECB over the same period, this monetary policy divergence compounds the long $ view against its 3 biggest crosses (hence the long DXY expression) Medium term trading strategy: 1. The best expression of this medium term USD view is long DXY - as above I hold 8/10 conviction views for a number of the heavily weighted USD basket crosses based largely on likely monetary policy divergence in the medium term (FOMC Hiking whilst BOE, BOJ & ECB ease/ cut) e.g. LONG USDJPY @104 - 106.3TP1 109.5TP2; SHORT EURUSD @1.11 - 109.3TP1 107.5TP2; GBPUSD @1.34 - 131.2TP1 128.5TP2
Long
by QuantumLogicTrading
8
BUY USDJPY @104 & SELL GBPUSD @1.33: RISK-ON, POLITICS, BOJ, BOEThe Federal Reserve's regulatory point man said work to address the lessons of the 2008 financial crisis won't be complete without better regulation of short-term funding both inside and outside the banking system. St Louis Fed President Jim Bullard may be the Fed's new super dove, but he's no pessimist, he says. Bullard is the lone Fed official forecasting just one additional rate increase, and expects modest growth over the next two and a half years. But he reiterated Tuesday he's not expecting the economy to head south. Trading Strategy 1. Given this I remain bullish on the $ in the medium term, despite this spike in risk-on which IMO is unlikely to last more than 2wks. In the immediate term I like long $yen as the best play ATM vs other expressions - with a target of 109, entry at 104 as 1) the markets have finally signalled they are ready for a recovery bull run, post the brexit risk-off/ safe haven rally - largley on the back of CB stimulus. I believe USDJPY has been the most sold risk-on asset, thus it is now ripe for buying; 2) JPY fiscal stimulus is likely to come; 3) BOJ is likely to deliver 10-20bps of cuts to its interest rate 4) we have broken the 104 "brexit seller resistance level" which has held since the vote - this break imo means we can now move to 109+ as the recovery leg before resuming lower; 5) the Fed Funds Rate curve continues to steepen across the curve but particularly aggressively in the front end (yesterday 10ys adding 5%) and as a result implied probabilities of hikes continue to rally across the 2016/17 tenors (Dec hike now 33.7% vs 29.2%Mon); 5) check the attached posts for long $jpy support 2. Secondly, short GBP$ is a trade i am closely eyeing.. I am a 70% seller at 1.32 (90% at 1.35) - short GBP rallies is the preferred trade as the BOE is likely to deliver easing in Aug that will drive us down to the 1.25 terminal rate that I have predicted - thus i am hoping we get some "poor information money" flows into GBP up to 1.34/5 going into Friday as 1) UK Political Uncertainty is eased - as Theresa May is the New PM starting Wednesday; 2) GBP buying on Thursday if the BOE doesn't cut rates, whilst I (and the market) believes an august cut is the likelihood instead, given the aggressive GBP selling these past weeks it is prudent to assume quite a large amount of money may/was be betting on a July Cut thus if this "disappoints" some of the market we could see cable trade higher to 1.34+; 3) Long GBP is the risk-on trade, so if risk holds up/ carries on rallying we could see GBP$ take us to 1.34+ - CB and Fiscal stimulus + the fact risk has been depressed for so long, i believe risk has the momentum to rally until the end of the week at least (next risk-rally then looks to 28th July for BOJ stimulus?) 3. The long $Yen and short GBP$ also acts as a dynamic hedge as the long UJ is the risk-on coverage, with the short cable the risk-off half - combining both semi-hedges your exposure, something i like to do when trading. FED Tarullo Speech Highlights - "the conditions for destructive runs that threaten financial stability could exist even where no institutions that might be perceived as too-big-to-fail are immediately involved" FED Bullard Speech Highlights - Bullard: An unemployment rate around 4.7%, gross domestic product growth of 2% and the Fed' preferred inflation gauge, the personal consumption expenditures index, at 2%. - "If there are no major shocks to the economy, this situation could be sustained over a forecasting horizon of two and a half years" - "we have no reason to forecast a recession given the current state of the US economy"
Long
by QuantumLogicTrading
RISK-ON RISK-OFF POSITIVE CORRELATION? SPX VS GOLD, JPY & UST P1The Paradoxical Risk-on/ Risk-off Asset positive correlation: 1. Risk off assets have outperformed to date, with Gold leading the gains at 28%, JPY following at 18% and US 10y treasuries Trading 16% up in 2016 - average at 20.5%. 2. Meanwhile, SPX trades 5% up since 4.1.2016 but more importantly, since 20th January lows SPX is up 15%. 3. this is significantly paradoxical, as fundamentally, Risk-on assets shouldnt trade well when safe havens do and the reverse can be said about Risk-off bull markets - Equities shouldn't trade higher. - the reason this positive correlation of both risk and safe haven assets rallying at the same is problematic is that in the long-run it is not sustainable - one MUST adjust to the downside as markets in the short-run trade as a zero sum game, liquidity is inelastic and non-infinite i.e. they cannot both keep gaining capital as there is a limit when all available liquidity is allocated. Consequently, at this point investors then have to forgo investing in one asset, if they want to speculate on another, as they dont have any new cash to invest - this is why we normally see safe havens and risk assets trade negatively correlated and price action is "seesaw" like most of the time as investors take money out of risk, for example, so they can allocate it to risk-off, as perceptions and market environment changes. Cause of the paradox: 1. An Unusual even split in investor risk sentiment e.g. in the immediate term, some believe the environment is stable enough to offer risk higher (CB easing/ support driven views), whilst others believe global risks are heightened enough to offer safe havens higher (Brexit, US election, China). Hence we see both SPX and Risk-off grow. Normally, the markets trade like herds e.g. behaviours skew to risk on or off, grouping with a strong bias to one side at the same time. This more "evenly distributed" sentiment we are experiencing rarely materialises as usually there is consensus on market risk e.g. all investors rationally agree that "now" is a highly uncertain time or the other way, given the same information is available. 2. Most likely imo , however, is that there is a short-term imbalance/ artificial risk inflation, where risk assets yet again are buoyed by central bank impetus. Following the brexit result a cascade of global CB dovishness/ support was injected into the markets providing the perfect artificial rise in equities - whilst the underlying market sentiment continues to follow the 2016 risk-off trend (as is shown by the 2016 outperformance of off (+21%) vs on (+5%), CBs have provided sufficient support to mask the risk-off bias - however it is unlikely to continue for long.
TVC:SPXShort
by QuantumLogicTrading
2
RISK ON/ OFF PARADOX CORRECTION - SHORT SPX/ FTSE & USDJPY P2 Post Brexit SPX vs USDJPY 1. One had expected risk to sell off post brexit as global uncertainty increases, given the amount of volatility in the FX markets in the lead up, this was the rational expectation (whilst VIX traded subdued). However, instead, SPX recovered 6% whilst Yen also rallied 7% higher in the days following the vote. 2. This risk-on risk-off positive correlation rally is almost unseen in markets (especially not at the 75% correlation level) as JPY and SPX positively correlate for the first time in 4 years (as below). 3. As discussed previously this is either 1) because markets are unusually evenly split on sentiment, going against herd behaviour with the marco outlook trading as a non-consensus between participants; 2) CBs have given risk an artificial boost based on supportive statements/ measures. Trade the paradox 1. Short FTSE100 @6600-6800 resistance with a 5700TP (January lows) - once artificial BOE easing rally is finished, likely near 66-800 FTSE will plummet in the medium term as 1) This underlying risk-off bias which has gone un-priced as yet (safe havens up 21% in 2016) prices - not to mention reaching near ATHs, with 10y resistance.; 2) brexit (still not priced in equities)/ Political uncertainty drags on economy and stocks - especially financials, which has a knock-on effect of corp credit tightening; 3) this structural CNH deval prices and hits UK export stocks as it did in Jan 2. Short SPX @2100 with a 1985TP - SPX at these levels looks an attractive short 1) as discussed CNH depreciation which is a macro issue for all stock Exporters to China (biggest market/ growth market) hasnt priced any revenue downside yet like they did in January (-8-13% previously). 2) underlying risk-off bias is still yet to reprice risk lower (2016 safe havens up 21% av. Gold 28%) + only 2% away from ATH - favourable short lvls; 3) Earnings sell-off likely around the corner as investors derisk/ hedge against "shocks"; 4) Brexit induced CB easing/ dovish rally likely to fade soon as it isnt structural growth and FOMC rates are recovering in the back-end (Dec Hike looms). SPX has a more conservative target vs FTSE as less brexit downside & its a structurally stronger index with growth stocks 3. Id also suggest dynamically hedging these positions with 1) Long high growth and low China revenue individual stocks e.g. Goog, FB and/ or 2) shorting GBP index or a GBP cross , lower GBP hedges any potential BOE easing rallies that the FTSE short may negative experience, and also short GBP is a solid trade to have regardless of any FTSE risk you have on the table. *See part 1 for more information "RISK-ON RISK-OFF POSITIVE CORRELATION? SPX VS GOLD, JPY & UST P1"
TVC:SPXShort
by QuantumLogicTrading
BREXIT YUAN DEVALU: USDCNH - SNEAKY FX FIXING? SELL SPX & FTSEAt the start of 2016 the PBOC began aggressively devaluing the off-shore Yuan against the USD, imo in an attempt to start the year with a competitive export:import advantage - with the aim of making 2016 a headline "come back" year for China amid the growing GDP growth and Credit bubble worries. As a result Equities across the board sold-off (-8.5% in a few days) as non-chinese Exporters globally feared that their biggest market/ growth market was coming under pressure, as the relative value of their USD exports soared, as Chinese import demand would fall significantly and as a function of the depreciation relative to the USD. Whilst the initial highly correlated move hit equities by -8.5% (7 days), however when fully priced, the CNH devaluation fears took the SPX down 13% to 1808 lows in just 12 trading days. The PBOC Deval intervention took CNH to lows of 6.7550 and low-closes of 6.6900. Brexit - Under the radar and sneaky PBOC FX Intervention? 1. Fast forward 6 months - the Days going into Brexit USDCNH traded at almost exactly the same fix as the pre-deval January level at 6.58 (blue line), then on the most volatile brexit days, the 24th and 29th, PBOC fixed the Yuan 1000pips lower to 6.6850, just above the extreme January lows at 6.6900 - Since then CNH has continued drifting lower, and now has eclipsed the shock January low closes of 6.6900, currently at 6.6960, which is now a new 6 year low. - This begs the question, did the PBOC plan this as a way to get their goal of competitive depreciation achieved WITHOUT the negative press/ market impacts that were seen in January? The answer is unknown but by looking at the Yuan prices on brexit day and the day after, it certainly looks like it - 1000pip devaluation in 2 days, thats bigger than any deval in CNH's previous history (even from January). How to trade it? 1. Imo this trade is a no brainer, given the PBOC seem happy to keep fixing CNH higher and have shown no signs of stabilising/ appreciating - with the last 6 daily candles in the green, my bets are that the PBOC in the near-term think they have gotten away with the deval, in the midst of all of the brexit effects e.g. Central Bank information flows are high, the brexit news itself and general market volatility are all acting as distractions - thus the SPX hasnt priced any of this deval YET despite it being more extreme than what caused the 8-13% equities sell off in January? - I have to admit, it has taken even me until now to realise this sly depreciation, nonetheless this trade (short Equities) is a one up on the market currently as most still havent noticed and continue to focus on central bank action.
Short
by QuantumLogicTrading
SHORT EURUSD: DOVISH ECB MONETARY POLICY MINUTES - FRESH EASING?IMO the ECB minutes were the most dovish/ clearly directed statements out of the ECB for several months. Before this, and in the past several speakers comments, sentiment has been towards the hawkish/ stale side, citing "ECB has done enough" as the main rhetoric. The June Minutes however show a renewed positioning of the ECB, where they clearly imply they are willing to take further action if needed be with quotes such as "ECB Ready to Act, Using All Its Policy Tools if Needed", and unlike BOJ Kuroda, the ECB clearly seem to have taken ownership of their poor economic ownership finally by saying " Underlying Inflation Has Yet To Show Clear Signs of Upward Trend" and "To Monitor Inflation Outlook Closely" - given that inflation is their headline goal, such comments, when combined with the above readiness to "act", makes the idea of further easing a much higher probability, especially of late where key members almost have refused to mention further action. IMO, this shift in rhetoric to the dovish/ directive side is in an aim to try and put some negative pressure on the EUR since it has managed to par losses vs the USD, whilst bleeding 12% appreciation vs the GBP. The ECB are likely trying to talk down the currency with such rhetoric, especially in light of brexit, where their currency has failed to revalue/ adjust for the negative economic impact that is coming. I see a very bearish outlook for the EUR over the coming weeks/ months given this new dovish ECB stance, much like the GBP, when a central bank wants the currency lower, that is usually the path it follows. Potential dampeners however are the fact that Draghi has before failed to deliver market expectations (Dec 2015 most notable), so unlike the GBP, the acertive nature of these dovish monutes likely have a diminished impact relatively to say the GBP. Nonetheless, i expect the ECB to continue with the rhetoric and given the appreciation/ stability with their biggest trading partners (USD/ GBP) i expect the ECB to take further action in the near term as as it stands, the EUR exchange rate mechanism will/ is failing to transmit the inflationairy pressure they need (infact the opposite) and further easing is the only way to solve this. Thus, I am short EUR from here, especially against the USD where i think it could be up to 500pips overvalued as it is, given its inability to price previous ECB stimulus (March) and Fed Hike in Dec - this short view is especially the case on the back of likely more easing + brexit uncertainties trade seemingly underpriced (vs EJ) and the new EU export inefficiency to the UK one of its biggest markets (given 12% appreciation) - Clear 4-8wk targets are the 1.082 handle in the near term, with 1.052 lows from dec last year the next aim on the back of any fresh easing/ brexit uncertainties still need to be priced. ECB Monetary Policy Minutes -ECB Minutes: ECB Ready to Act, Using All Its Policy Tools if Needed -ECB Minutes: Brexit Vote Seen As 'Important Source of Uncertainty' for Euro Area Outlook -ECB Minutes: To Monitor Inflation Outlook Closely -ECB Minutes: Brexit Could Cause Significant Negative Economic Spillovers to Euro Area -ECB Minutes: Brexit Impact Could Be Transmitted to Euro Area Through Trade, Financial Markets -ECB Minutes: Underlying Inflation Has Yet To Show Clear Signs of Upward Trend -ECB Minutes: Investors Expect Future Challenges for ECB in Sourcing Enough Bonds Under QE Program -ECB Minutes: It Shouldn't Matter Much Which Precise Assets Are Purchased Under QE -ECB Minutes: What Matters is Overall Purchase Volume, Associated Money Creation -ECB Minutes: Composition of Bond Purchases Still Matters to Investors -ECB Minutes: Health of Euro Area Banks is Key for Effective Transmission of ECB Policy
Short
by QuantumLogicTrading
1
USD/ DXY: FOMC DUDLEY & WILLIAMS - BREXIT & US ECONOMY SPILLOVER1. IMO Dudley tipped to the dovish side, especially on key inflation highlighting that it is " rising again, but still low". Other rhetoric reaffirmed much of what has been said post the brexit vote e.g. Uncertainty being the biggest factor. 2. Meanwhile, Williams was notably more upbeat/ optimistic, shrugging off the US's shock miss NFP report to instead point out that the underlying trend remains upward. He also relatively underplayed Brexit by saying his baseline view is that it will have a "modest impact" vs Dudleys sitting on the fence of "too soon to say". Further, Williams went on to underplay Brexit as a "normal global economic uncertainty". 3. Nonetheless, both found common ground regarding the "Uncertainty" surrounding the Brexit US spillover effects and "data dependency" being key for FOMC decisions. This has been the case not only between the two today but also for several members in the past few weeks/ months. 4. USD now looks to FOMC Minutes from the June Meeting for any further hints of net member direction and NFP on Friday. I expect much of the same, with bias to Dudley's more cautious/ dovish approach likely to underlie the Minutes but hopefully an outstanding NFP report to spur the USD. 5. The 30-day Federal Funds Rate futures market sold-off Fridays Hawkish gains today, with the Implied Probability of a 25bps FOMC rate hike significantly flattened across the curve, with a Sept/ Nov Hike now at 0% vs 5.9%, Dec at 13.7% vs 22.3% and Feb 2017 at 13.4% vs 21.8%. We also saw a dovish skew across the tenors in favour of a 25bps cut, with Sept/Nov probabilities increasing to 2.4% vs 2.2% Sept and 4.4% vs 2.2% Nov. July expectations traded flat at 97.6% no change. 6. Nonetheless, it was William's bias that won the day as DXY Traded well offered, up 66pips at 96.21, much of which driven by the risk-off turn markets have taken, sending USD higher across the board, most notably against the antipodeans (RBA driven), CAD (oil 4% lower) and GBP (down 2%) as BOE Gov Carney continued to provide dovish sentiment. Also imo earnings season $ demand may have started to price the index higher. 7. Going forward I expect to see continued USD strength across the board as GBP, the Antipodeans, CAD and JPY are likely to realise weakness on the back of poor economic fundamentals, brexit, and further oil falling (global growth worries - brexit/ china linked). Also I expect BOJ easing to price UJ higher in the near future which, all in all, should provide the perfect environment for a higher DXY and USD especially against JPY, NZD and GBP over the next 4-6wks for the attached reasons. End of week DXY should close up 3%+ if NFP comes in firm/ strong - 98.5 target Dudley on US Economy: - Dudley: Brexit Main Uncertainty, Too Soon to Say Impact Yet - Dudley: Investment in U.S. Also an Uncertainty - Dudley: Inflation Is Rising Again, But Still Low - Dudley: Fed Policy Remains Data Dependent - Dudley: Uncertain Outlook Means Can't Predict Fed's Next Move Williams on Brexit: - "I think the economic effects, on the baseline scenario, are relatively modest, but there still is the uncertainty about how things are actually going to play out," - "I would say that what's happened with Brexit has been just one of the normal uncertainties that always occur in the global economy and things that we just have to take into account," - On the poor US Jobs Report - "the underlying trend continues to be good, continues to be above trend and continues to show that the economy is strengthening and not weakening,"
TVC:DXYLong
by QuantumLogicTrading