Daily forex rundown: Euro, yen, Aussie & CAD

Euro (June)

Session close (Wednesday, April 4): Settled at 1.2368, down 9.5 ticks

Fundamentals: Europe was closed for Easter Monday and the euro had the lowest volume since the day after Christmas. After opening higher Sunday night and trading more than a halfpenny in the green, the Euro pared all gains to make a new low before settling near the middle of the session’s range. This is a pivotal week underway and we discussed the layout on yesterday’s Tradable Events this Week. U.S. ISM Manufacturing data missed expectations but came in at a respectable 59.3. The employment component came in much stronger than expected and with jobs data the main focus this week, traders used this as a reason to hit the Euro. German Retail Sales is due tomorrow at 1:00 am CT. Regional Manufacturing PMI data is due from 2:15 am CT to 2:55 am CT, the Eurozone read is at 3:00 am CT. The U.S calendar is light tomorrow but Minneapolis Fed President Kashkari who speaks today at 5:00 pm CT also speaks tomorrow at 8:30 am CT. Fed Governor Brainard speaks at 3:30 pm CT.

Technicals: Today’s tight session comes on the heels of another on Thursday. Price action is attempting to stabilize above first key support at ... Please sign up or a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels. 

Yen (June)

Session close: Settled at .94935, up 50 ticks

Fundamentals: The yen notched its second healthy session in a row amidst equity market volatility; the S&P finished down about 2% and the NQ down almost 3%. Price action lifted as soon as stocks took a turn for the worse and continued volatility will keep a bid under the Yen in this busy week. Tankan data out of Japan last night was mixed and not all that bad while Chinese Manufacturing missed. There is a 10-year JGB Auction tonight at 10:45 pm CT.

Technicals: We continue to be Bullish the Yen as price action has been constructive all year; major three-star support at ....  Please sign up or a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels. 

Aussie (June)

Session close: Settled at .7653 down 23 ticks

Fundamentals: The Aussie again was a casualty to the risk-off trade in equity markets. However, the currency did hold well considering the miss on China Manufacturing last night and the fact that China is back in the news with a reinvigorated trade war with the U.S. Tonight though is all about the Reserve Bank of Australia. They are expected to keep interest rates steady at 1.5%. However, the statement will be crucial; growth has been slowing and a global trade ware is becoming a bigger and bigger hurdle. However, as we discussed in yesterday’s Tradable Events this Week how much of this is priced in?

Technicals: We finished last week Neutral the Aussie and we are no different after today. Price action has stayed below major three-star support.

Canadian (June)

Session close: Settled at .7740, down 22 ticks

Fundamentals: The risk-off trade routed markets today but the Canadian again held ground fairly well. There seems to be positive sentiment tied to NAFTA that is likely doing work to buoy the currency. Considering that the S&P lost 2% and Crude was down nearly $2, the Canadian put in a solid session and is primed to move higher upon a risk-on move. We remain bearish the U.S Dollar and this is getting us excited about the Canadian for when that right time comes. The economic calendar is quiet until Trade Balance data Thursday and jobs Friday.

Technicals: Price action continues to flirt with major three-star resistance at .7771 but has struggled to clearly close out above this level.