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Dollar In Limbo Ahead Of NFP

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STATE OF THE MARKETS

Dollar in limbo ahead of NFP. Global equities climbed higher on Thursday after news hit the wires that the US senate reached a short-term debt limit extension to avoid government shutdown. Nasdaq (+1.05%), FTSE UK (+1.17%), Nikkei (+1.66%) and Shanghai (+0.27%) all closed in green, while Dollar was little changed ahead of the NFP Friday, even when the 10Y yield has hit 159 basis points at writing.

In the commodities market, crude took a dip to $74.95 before settling higher around $78.30/bl after Russia reassured Europe its willingness to increase supply in the coming winter shortage. Gold took the same fate as Dollar as the yellow metal was little changed flirting around the $1750-60 band. Elsewhere, iron ore for December climbed higher, around $116.65/tn as markets embraced the debt ceiling extension.

In the FX space, Aussie, Loonie and Yen were seen synching in short to medium term accounts as Loonie seized the helm of demand from King Dollar in the long term accounts. Sentiments seemed bullish in the near term as Yen and Swiss were broadly on offers, though long term investors remained cautious as Swiss continued in the bidding list. Markets expect 450k jobs added vs 235k previous with unemployment rate reduced from 5.2% to 5.1% on Friday.


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G8 CURRENCIES SENTIMENTS

ST AUD CAD NZD GBP USD EUR CHF JPY ST
MT AUD CAD GBP NZD CHF USD EUR JPY MT
LT CAD USD CHF AUD GBP JPY EUR NZD 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
CEI 1.78 + 95.93 961,168.8K 104,820.1K
SQQQ 8.23 – 2.83 104,009.3K 85,118.4K
F 14.89 + 5.45 96,557.5K 66,502.2K
GROM 4.76 – 4.42 80,573.5K 3,763.1K
BBIG 5.34 + 6.59 78,076.5K 40,662.9K
SPY 438.66 + 0.86 72,437.5K 68,510.7K
NIO 35.99 + 6.92 67,945.2K 49,516.6K
AAPL 143.29 + 0.91 61,732.6K 79,377.9K
EEM 50.63 + 1.95 60,345.1K 35,661.1K
XLF 38.83 + 0.60 53,295.6K 52,140.4K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 793.61 19,195.7K – 3.00 15,233.9M
FB 329.22 28,307.4K + 34.42 9,319.4M
AAPL 143.29 61,732.6K – 31.15 8,845.7M
AMZN 3,302.43 2,409.0K – 20.31 7,955.6M
BABA 156.00 46,035.8K + 96.72 7,181.6M
MSFT 294.35 20,430.4K – 23.71 6,023.9M
NVDA 210.75 25,691.8K + 0.76 5,414.5M
MRNA 309.36 15,790.9K + 4.12 4,885.1M
AMD 106.45 41,543.1K – 0.81 4,422.3M
AFRM 133.90 29,141.2K + 41.72 3,902.0M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE / STRIKE TYPE VOL/OI FUNDS FLOW $
NRDY 9.52 / 7.50 stock options/put 137.14 18.8M
CMPS 30.10 / 20.00 stock options/put 51.85 16.1M
OPEN 20.23 / 20.50 stock options/call 45.72 299.4M
ZN/B 131.1000 – 158.1500 US bond futures 13,931 206,455.4M
CL 65.85 – 76.90 crude oil futures 750 52.1M


OUR PICK – No New Pick

We stay on the sideline ahead of NFP. When the 10Y yield was at 1.59% in early to mid-June, King Dollar (DXY) was trading around the 90.50 handle. Then as investors ran to bonds and bid for Dollar, yields fell to as low as 1.12% in late July to early August as Dollar continued to rise to the 93 handle. Now yield is back to around 1.59% and Dollar is trading even higher around the 94.30 mark. But that is just bonds as the remaining time on the coupon is getting lesser. Other assets like commodities and commodity currencies would give you more bang for the buck, especially if it’s at a lower price now.

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HORIZON STRATEGY SL TP1 TP2
Short-Term
Medium-Term
Long-Term

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.