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Thin Markets Amid US Labor Day

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STATE OF THE MARKETS

Thin markets amid US labor day. Global equities from FTSE (+0.68%) and Nikkei (0.87%) climbed higher on Monday, while US markets closed for Labor Day. Weak NFP numbers on Friday sent Dollar (DXY) spiraled to 91.80 before settling above 92 handle as the 10Y benchmark firmed above 130 basis points.

In the commodities market, crude gapped down after weaker NFP numbers suggested that recovery maybe slower than expected. Asian session however saw a firm bid as the black gold remained above $68/bl. Gold was little changed, continuing in a tight range of $1,830.65 – $1,823.65/oz after surged on Friday as weaker NFP suggested that Feds may stand pat for a while.

In the FX space, short term traders revert to Dollar bidding on oversold conditions while long and medium term investors send the King to the back burner. Aussie, Kiwi and Loonie continue to dominate demand across horizons, alongside Euro and Yen, as Swiss and Yen suggest cautious markets.


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G8 CURRENCIES SENTIMENTS

ST USD EUR CAD JPY CHF GBP AUD NZD ST
MT AUD NZD EUR CAD GBP CHF JPY USD MT
LT NZD AUD JPY CAD CHF GBP EUR USD 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
** % Change here refer to price

WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
** % change here refers to volume

TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $

OUR PICK – GBP/USD.

Rising on flat momentum. Recent GBP/USD exchange rate rise on the anticipation of a weaker Dollar as Feds may stand pat on dismal employment figures, was on flat momentum. This suggests that buyers were non committal and may just be covering their shorts. After all, per CFTC last CoT report, speculators have turned bearish with net 16,745 short contracts worth $1.44 billions.

HORIZON STRATEGY SL TP1 TP2
Short-Term Sell 1.3860 1.3805 1.3785
Medium-Term Sell 1.3860 1.3785 1.3755
Long-Term Flat

 

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.