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USD in tight range as Trump imposed tariff to Mexico

USD index choppy in tight range overnight despite of Trump imposing a tariff to Mexico. Overall USD remain in correction trend with short term downside risk remain high.

BOJ reducing JGB’s purchase adding some pressure for USDJPY but overall JPY cross short covering will still support the pair on lower side. Near term risk sentiment will still dominate the direction of USDJPY and JPY cross.

Canada as well as EU news and G7 meeting without any meaningful outcome also adding more cautious to the market. The coming down of Italy bond yield with some relief driven more short covering on EUR and EUR cross. But today Spain Rajoy no-confidence vote will also have some impact for EUR.

GBP remain to follow broad USD move with higher EURGBP adding some pressure for the pair. But overall, remain in base building after recent sharply downside run.

Today Germany, Eurozone, UK and US Manufacturing PMI data and US NFP data will be focused and any surprise will driven another choppy move day.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.