US stocks tumble after Trump threatens 25% tariffs on Japan, S. Korea
For the most part I had my way with the exception of GBP/USD. The good old pound apparently had imbibed much too much and clearly wandered along a winding road leading to nowhere. Well, perhaps it wasn’t quite “nowhere” but clearly deranged. Don’t worry – it seems to need a walkabout before returning to the main pack.
Other than GBP/USD, the others did their own thing, mostly dollar bullish as expected although with varying levels of directness. At this current moment it looks like the usual Asian consolidation team is about to ply its trade to allow the Europeans begin on another directional move. Overall, I feel we shall see pretty much a copy of yesterday – perhaps even GBP/USD still diverging from the pack.
EUR/JPY appears to have seen a modestly deep pullback from Friday’s low and we now just need to get to the target I’ve been suggesting. It doesn’t seem like a direct move so expect a winding move.
The Aussie did its funky stuff and finally returned to the downside. Perhaps similar to EUR/JPY (to a degree) it seems to suggest some swings also but probably more robust than the cross.
It should be a steady day again today.
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