Market events – Chinese data overnight came in negative (expect weakening AUD) – this has strengthened the risk-off currencies of CHF and JPY and has weakened the risk-on currencies of AUD, NZD and CAD. The market reaction to the FOMC minutes yesterday was fairly muted. Overall the minutes were slightly more hawkish than expected. There is EUR data at 8.00 and 8.30am, and then US data at 1.30pm and at 3pm.
STAM – NZD and AUD drop one point each. Yen and USD rise 1 each. The rest stays the same. Thus, from STAM perspective, still looking to buy GBP, EUR and CHF. Looking to sell AUD and CAD. Mixed on USD, JPY, NZD.
As far as STAM is concerned, presently there are no strength/weakness combinations that are in valid S1 or S2 setups.
The Italian index is still in S1B – waiting for retracement.
S3 setups – Nothing setting up in terms of S3 for any of the 28 FX pairs nor for the indices. Simply comparing the charts to some of the chart photos from yesterday morning makes it rather clear that there are no setups at present. The one closest to a setup is EURNZD – I will monitor this one – however I cannot enter a trade on that one until after 8.30am in any case.
Managed to get through all the FX pairs and indices for STAM and S3 in the space of 30 minutes – nice.