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Dollar In Limbo As Markets Await NFP

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STATE OF THE MARKETS

Dollar in limbo as markets await NFP. Another day of pop and drop for the US equities markets on Wednesday as Dow (+0.07%), Nasdaq (+0.14%), S&P (+0.14%) and Russell (+0.13%) closed higher than the day before; after comments from Philly Fed President Patrick Harker that rates were going to stay low “for a long time”. More than $339 billion worth of block orders flowed into the US bond futures, forcing yields to edge lower. 10Y settled below 1.60% while 5Y at 0.80% as New York closed.

Crude futures continue to break higher, past $69/bl, after OPEC+ decided to continue its supply quota amid demand recovery from the US and China. Fed’s comment put gold back above $1,900/oz while Dollar lost bid after inflation concerns dampen demand for the Greenback.

In the FX space, surging crude prices sent Loonie to reign in demand while Sterling demand synching across all horizons. Short to medium term traders seemed on risk-off as Kiwi was sent to the back burner, while demanding for Swiss and Yen. Aussie and Dollar seemed to be taking a pullback, while Euro advanced in the demand territories. Long term remains relatively unchanged with the Dollar in limbo as markets await NFP this Friday.

 


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G8 CURRENCIES SENTIMENTS

ST CAD GBP AUD USD EUR JPY CHF NZD ST
MT CAD GBP EUR USD AUD CHF JPY NZD MT
LT CAD GBP CHF EUR NZD AUD USD JPY LT
** ST refers to Short-Term daily turnover, MT is Medium Term weekly 
and LT refers to Long-Term monthly turnover.

WALL ST MOST ACTIVE

TICKER LAST PRICE

% CHANGE

VOLUME 90 DAYS AVG
AMC 62.55 + 95.22 766,462.5K 162,230.6K
SNDL 1.13 + 13.00 404,502.6K 419,178.2K
BB 15.25 + 31.92 346,138.2K 33,983.9K
BCTX 6.18 + 94.34 146,762.8K 803.3K
NOK 5.45 + 5.01 122,532.6K 79,448.2K
GSAT 1.16 – 27.95 120,257.7K 30,747.4K
SLNO 1.32 + 29.41 109,313.4K 1,614.0K
BBBY 44.19 + 62.11 109,871.3K 8,499.0K
PBR 11.30 + 6.30 110,221.4K 38,029.8K
AHT 5.61 + 14.72 95,814.3K 16,545.2K
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
AMC 62.55 766,462.5K + 230.53 47,942.2M
TSLA 605.12 23,302.7K – 23.57 14,100.9M
NVDA 671.13 14,854.1K + 58.18 9,969.0M
AAPL 125.06 59,278.8K – 27.09 7,413.4M
AMZN 3,233.99 2,014.5K – 41.03 6,514.9M
BB 15.25 346,138.2K + 856.91 5,278.6M
BBBY 44.19 109,871.3K + 1,020.48 4,855.2M
MSFT 247.30 19,406.7K – 20.03 4,799.3M
GME 282.24 16,019.2K + 109.66 4,521.3M
FB 329.15 11,654.2K – 30.23 3,836.0M
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
AMC 62.55 / 45.00 stock options/put 145.99 47,942.2M
6L 0.1922 – 0.1932 FX futures/BRLUSD 421 8.1M
ZF/UB/TN 123.2775 – 185.0800 US bond futures 25,450 339,320.4M
GC 1,906.80 gold futures 25 4.8M
CL 67.60 – 68.18 crude oil futures 1,045 70.9M

OUR PICK – AUD/NZD

Yields favored Kiwi over Aussie. The picture below shows a thousand words about why we think AUD/NZD will continue its downtrend in the next eight to ten weeks. Kiwi bonds are among the best yielding bonds in the G8 space next to Loonie. The Aussie is not that bad, but recent rate cuts have shifted demand to CAD and NZD. This pair, however, is a slow moving pair having an ATR (13) of 50 pips a day, 110 pips a week. So patience is needed to arrive at the destinations.

Source: Investing.com

 

HORIZON STRATEGY SL TP1 TP2
Short-Term Sell Limit @ 1.0750 1.0800 1.0680 1.0600
Medium-Term Sell 1.0800 1.0600 1.0520
Long-Term Sell 1.0800 1.0520 1.0400

 

Disclaimer:

This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.