FXstreet.com (Barcelona) - Following downbeat US new home sales prints, the Westpac 'US data surprise index' has triggered a signal pointing for bigger cooling in the complexion of the US data.
"For the week just ended only 2 of 6 data points going into our index beat consensus, sending our US data surprise index down from 59.4% to 58.2% and back down through our upper +1 standard deviation threshold" says Richard Franulovich, FX analyst at Westpac.
"Our model will open a 3 week short USD basket trade today (vs EUR, JPY, GBP, CHF, CAD, AUD and NZD), betting on lower US yields and a softer USD. We will be running a 2% peak-to-trough drawdown stop" conclides Mr. Franulovich.
"For the week just ended only 2 of 6 data points going into our index beat consensus, sending our US data surprise index down from 59.4% to 58.2% and back down through our upper +1 standard deviation threshold" says Richard Franulovich, FX analyst at Westpac.
"Our model will open a 3 week short USD basket trade today (vs EUR, JPY, GBP, CHF, CAD, AUD and NZD), betting on lower US yields and a softer USD. We will be running a 2% peak-to-trough drawdown stop" conclides Mr. Franulovich.
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