Markets had their waffles for breakfast because that’s all we are doing this morning, waffling around. A quick pop to the topside after the suspect weekly jobless claims data was soon reversed as was a downside probe after the disappointing Philly Fed survey.
EUR/USD trades in the 1.41-teens, closely eyeing US equities for inspiration. They too are waffling this morning but they are recovering at the moment, trading near flat. My suspicion is that the the market is quite long EUR/USD on an intraday basis and is vulnerable to a shake out.
Bids are eyed on dips to the 1.4050 level with stop-loss sell orders tipped below.
