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I’m looking at this simple range setup on the 1-hour time frame of GBP/NZD to play the ongoing pickup in risk aversion stemming from the U.S.-China conflict.
Currency Snapshot:
Fresh Market Headlines & Economic Data:
- US Senate passed bill on Hong Kong protests
- Hong Kong says US bill is unnecessary, foreign gov’ts should not intervene
- China vows to take measures to protect sovereignty
- China cuts new benchmark lending rate to lower costs, shore up economy
- Japan’s exports post worst fall in 3 years as shipments to U.S., China drop
- Trump threatens higher tariffs if China doesn’t make a trade deal
- Global dairy prices rise for fifth time in a row
- Canada in ‘good position’ to weather possible economic storm: central bank
- Australian leading index remains cratered
Upcoming Potential Catalysts on the Forex Calendar:
- German PPI m/m due 7:00 am GMT
- ECB Financial Stability review due 9:00 am GMT
- Canadian CPI reports due 1:30 am GMT
What to Watch: GBP/NZD
Sterling has been on weak footing in the weeks leading up to the December 12 snap elections, even as polls have been hinting at strengthening support for Tories.
