All eyes on U.S GDP numbers this morning to “once again see” if this market “finally” looks to recognize the deteriorating fundamental picture.
This is the third “revision” of first quarter GDP ( I have no idea how/why it’s the 3rd time this number is estimated but… ) it’s expected to come in around -1.8% Yes…..that’s “negative growth” for the first quarter of 2014 folks.
What’s interesting with our trading is that…..we’ve effectively “gone long USD” to a certain degree in taking profits across GBP/USD, EUR/USD as well USD/CHF now holding long USD vs NZD, AUD and CAD with the long JPY trades still in play.
I hope that members come to recognize how “fluid” this trading can be as……the fundamental landscape may change “underneath” while we move with the “swings” and keep ourselves nimble.
This can obviously go two ways here this morning….so please be very alert / numble / ready to act. Yesterday’s bizarre “late day reversal” seemed quite telling to me, as we’ve already seen the weakness in Nikkei, the commods ( AUD and NZD ) as well a pretty brutal day for U.S equity bulls so…..
A big day today or not? We should get some solid clarification on USD future movement as a decent move higher here would be quite exciting, possibly putting to rest our “concerns” for USD movement “lower” over the medium term.
Man the battle stations everyone! Today could be a whopper!