Friday 22 November: High US service PMI

US service PMI is reported at 57, much higher than expected and a quick look at the FED rate monitor tool shows a 54% possibility of a December rate cut, down from 60% yesterday. Conversely (both manufacturing and service) PMI data from Eur and GBP came in lower than expected. And it appears the USD 'should' remain strong for a little while yet. US yields are up, the DXY is up...if it was any other day of the week I would be in a USD long trade as we speak. But, it's Friday. And I don't have the appetite to be stopped out by 'strange pre weekend' price action today. So I'm going to wait for 1hr USD swings to place a stop loss behind, hopefully on Monday.

It's nice to see EUR USD breaking below the support I spoke of yesterday. It's also nice to see USD CHF heading higher again (even though my attempts to trade it this week didn't come to fruition).

As a side note, it's also nice to see AUD NZD heading higher following Comments suggesting the RBNZ may turn more dovish. AUD NZD longs look like they are back in play.

I wouldn't blame anyone for being in a USD long trade today. But personally, I'm going to sit this one out.

Weekly review to follow, wishing you a lovely weekend (I have a feeling I'm going to be dragged around shops 'christmas shopping' 🤦)

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