Dollar toppy?
FX Rundown

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Euro (March)

Session close:Settled at 1.2291, down 14.5 ticks

Fundamentals:Todays ECB Economic Bulletin was very upbeat calling for a continued expansion of growth beyond the near term. Though they did see downside risks due to foreign exchange markets, as expected. ECB economist Praet, a dove, spoke this morning and said inflation may not rise enough to warrant a removal of stimulus measures. Helping lift the Euro off session lows and our major three-star support level was the price action in the British Pound. Though the Bank of England did not hike rates as expected, they telegraphed a hike in the near future. The pound gained nearly two cents before paring much of its gains. U.S weekly Jobless Claims came in much better than expected but was a casualty to outside market forces. There is no major data tomorrow, we expect the trade to be very technical.

Technicals:Price action reached a session low of 1.2240.Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Yen (March)

Session close:Settled at .92045, down 43.5 ticks

Fundamentals:The Yen started the session weak on disappointing data reads but picked up as we got into U.S hours. Equity markets saw continued pressure that picked up at the end of the session. With a close on session lows and a new intraday low in the S&P, the door is open for further equity weakness in Asia and through Friday. This should continue to support the Yen.

Technicals:The technical setup has now become slightly favorable to the bull camp.Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Aussie (March)

Session close:Settled at .7796, down 28 ticks

Fundamentals:The Aussie did not show much life on extremely strong import data from China last night. Imports jumped 36.9% YoY compared to 9.8% expected. Considering this and the somewhat subdued day in the Dollar, this is very bearish the Aussie; if something cannot rally on good news, then that is bearish. As we have been saying for the last 30 days or so, the Aussie has gotten out ahead of itself. Now it is coming back in. Tonight, there is Home Loan and Housing Finance data at 6:30 pm CT. Additionally, traders want to be somewhat cautious selling after such a sharp drop with the RBA Minutes due out at the same time. Also, tonight is CPI and PPI data from China at 7:30 pm CT.

Technicals:Price action is heavy and the door open is lower.Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Canadian (March)

Session close:Settled at .79465, down 11 ticks

Fundamentals:The Canadian is seeing weakness on the heels of another data miss with New Housing Price Index data this morning. Bank of Canada Governor Wilkins said today that growth is the most robust in a decade, though household debt is the biggest vulnerability. Traders are already keying in on tomorrows Employment Report due at 7:30 am CT. This will dictate the close of the week. We remain long term Bullish, but traders want to be cautious or protect positions ahead of this.

Technicals:The next 24 hours will be less technical and more dependent of the Employment Report.Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.