Trading Outlook – Neutral

Originally updated: 08:00

Trading Bias: Neutral

Currency pair: None

Current Sentiment: None

In today’s trading session we will be awaiting key economic data to provide an opportunity to get into the market.

Fundamentals:

Focus today will turn to CPI data from the UK and US – CPI from the UK is expected to fall to 0.1% y/y from a previous of 0.3% y/y which could weigh on the GBP over the rest of the session. We’ve also got UK elections in the forefront which is keeping the GBP under pressure regardless.If we get a negative reading of CPI from the UK then we could look at selling the GBP over the rest of the day.

Also if we get a positive CPI figure from the US then we could see the USD regain some strength after it’s recent FOMC inspired gains, if this is the case then we could look at buying the USD back against weaker currencies like EUR.

Technicals:

At this stage of the session, with limited news flow to present a reason to get into the markets I will be waiting for pairs to approach key levels of support/resistance and trade the overall trend in line with the fundamentals – this will of course be in conjunction with any news flow we have that provides the market with fresh sentiment and a reason to start getting involved in the market.

Other Market Moving News:

The JPY modestly outperformed overnight after benefiting from the weaker USD, whilst AUD/USD pulled off it’s highs after Chinese PMI data missed expectations overnight.

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Source:: Trading Outlook – Neutral

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