CPI in the crosshairs
FX Rundown

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Euro (March)

Session close:Settled at 1.23415, up 21 ticks

Fundamentals:Todays lethargic session comes ahead of a critical U.S CPI read tomorrow morning at 7:30 am CT. Fridays U.S Nonfarm Payroll report showed tremendous headline job growth but missed the mark on the now more important wage data. This brought little clarity to currency markets as the Euro was coming off its worst session since February 7th, now pinning a massive focus on tomorrows CPI read. Just two weeks ago the Federal Reserve began pushing the idea of four hikes this year, while it may have seemed right at the time, this could be one massive mistake. A miss on CPI tomorrow would crush these comments and force them to do a complete 180 and instead bubble wrap next weeks hike with a dovish rhetoric. Expectations for tomorrows Core CPI read are for +0.2% MoM, lower than last months +0.3%, and 1.8% YoY. Ahead of this tomorrow is French Non-Farm Payrolls at 1:30 am CT, Spanish CPI at 3:00 am, Eurozone and German Sentiment data at 5:00 am along with the EU Finance Ministers Meeting.

Technicals:Price action is attempting to bottom out its recent drop lower after spiking to 1.22785 on the release of Nonfarm Payroll before reversing by half a penny. The tape has consolidated higher ultimately holding first key support at...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Yen (March)

Session close:Settled at .94060, up 35 ticks.

Fundamentals:The Yen had a tough session Friday; despite the Dollar losing some ground, the sharp move higher in equity markets took some wind out of the Yen. Still, the Yen powered back on todays session regaining .9400 on support from global equity markets failing to extend gains and a Japanese political land issue. Just as we said above, the key for the trade is tomorrows U.S CPI read which is make or break for the Dollar. PPI is due out of Japan at 6:50 pm CT while Tertiary Industry Activity is due at 11:30 pm CT.

Technicals:Due to extremely strong overhead resistance at our major four-star level we have become more Neutral the Yen in the near-term. Still, we remain long-term bullish due to not only our Dollar bias constructive technicals and ....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Aussie (March)

Session close:Settled at .7877, up 29 ticks

Fundamentals:The Aussie was a strong beneficiary to Fridays U.S Nonfarm Payroll report and the risk-on trade it created. Traders should watch the metals complex and a continued firm price action there will further support the Aussie. Tonight, RBA Assistant Governor Bullock speaks at 7:10 pm CT, New Home Loans are due at 7:30 pm CT along with NAB Business Confidence.

Technicals:Price action on Friday settled out above major three-star resistance and this reinvigorated our Bullish Bias. However, we must...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Canadian (March)

Session close:Settled at .7794, up 1 tick

Fundamentals:A combination of the risk-on trade and a disaster avoided with the imposed tariffs has brought fresh buying to the Canadian Dollar. Fridays Employment data came in light on job growth but better on the Unemployment Rate but overall the data was largely in line and took a back seat to the other news. While tomorrow is about U.S CPI data, Bank of Canada Governor Poloz speaks at 9:15 am CT and this will also be key for the trade.

Technicals:The Canadian is building value at this oversold level but the fundamentals will...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.