Awaiting fresh impetus.

The week starts fairly quietly, the USD hasn't kicked on from Friday's service ISM data. The falling price of bitcoin is gaining attention but I don't think that's anything to consider at the moment, but it's worth keeping an eye on. Support for Macron continues to dwindle, but the EUR hasn't moved on the news. And NVIDIA'S stock price continues to drop, which is also worth keeping an eye on.

All in all, my preference for short JPY, CHF and possibly CAD is still intact. But I'd like to see fresh impetus before feeling confident in a trade.

On Tuesday, we have CAD CPI, where a 'soft number' would be my preference to keep the CAD suppressed.

On Wednesday, if AUD CPI comes in 'hot', the AUD should remain supported.

A 'soft landing' US GDP number would be nice on Thursday.

And the main event of the week will likely be Friday's US CORE PCE, where a pre event 'anticipation trade' might be a good option.

Of course, in trading it's very rare for everything to go how you'd like it to. But it's important to have plans for potential scenarios.

For now, I'm content to sit on the sidelines and await the moment I can say... Even if this trade stops out, I'll still think it was a good idea to take it.

Feel free to email any questions: johnelfedforexblog@gmail.com