USD Trading Outlook (09-05-2013)
The main movements over the last 24 hours have been in the crosses with firstly the NZD getting hit pretty hard after comments from the RBNZ’s Wheeler and then the EUR rallied after less-than-terrible economic data. The market is structurally still long of NZD and short of EUR, so movements like we saw overnight might become more common.
Today’s main event is the release of Australian jobs data and this should create some volatility later this morning. Chinese CPI will also be released around the same time so watch out for the double-whammy of data.
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