- AUD most bid currency that session +1.47%.
- JPY most sold currency that session -1.74%.
This is interesting. Look at the 2 most sold currencie’s. Those are the only ones being sold off. Everyone else is more of a bid. So, what do those 2 (CHF, JPY) have in common? They are the safe haven currencies.
Coming in to today we had a lot of Comm (risk-on) buying, right? And did it continue the momentum? Well, we can only say that about the Aussie. The NZD not so much. And the CAD is being bid up. So, given that, it seems like there’s still a hint of risk-on in the air.
But just look at those safe havens. What a hit they took yesterday, right? And that continued into today. That means something. I think.
And what should we say about the USD? Take a look at the white boxes there (each session). The only real time that they were a sell, was the first session of the week. That was a continuation from last week, cause they were getting their butts handed to them in a major way, selling off. Other than that…nope. For the most part, that tide is turning. Especially today. They are a bid (+.78%).
Look. I definitely thought that was some over exuberance with the Dollar selling last week. I mean, honestly. They (the FED) might be dovish, but their interest rate is still the highest in the developed world. And by a long shot too. Who’s gonna not want to get a return from such a high interest rate on your money? That just doesn’t make sense. Sell off the Dollar? Forever??? A dip, sure. But their not going down off the map.
Here’s a view of the month running.
Sure does look like the Comms are trying, right? But, we’ve been here before. This doesn’t necessarily mean a trend change. We just need to recognize what’s been happening. It’s the landscape.
Well, looks like I’m done here. I got a plane to catch soon. In fact, I’ll be in the air when the next time I would normally be in here showing you all what’s been happening in the previous session. But look. The market is gonna roll along. And we’re only talking about the rest of the week. Oh, and hey. Don’t forget that the end of the week and month, and quarter is here. So anything can happen in the next 5 sessions. But, I’ll be seeing you next week.
Take care. And please be careful out there!
MY DAILYS.xlsx (1.6 MB)