We were able to bank a small 40 pips profit following the release of TICS data during the NY session. It was a quick trade and we followed momentum. The better than expected figure gave traders some breathing room for more risk, just before the equity markets opened up. We then followed price action as equities moved lower but managed to close a touch above open. We still expect the weekly to close lower or near unchanged with bias towards a further slide in the coming weeks. Economic data out of NZ an hour ago came in much better than expected, PPI input and output rose much higher than expected q/q and it may give traders a reason to take some profit off the books before the next round of selling resumes. Were very cautious going into the next few months as many things remain uncertain, specifically in the Euro-zone. Expect profit taking today, but follow momentum and equities.
We decided to trade the US PPI data, out at 8:30am EST. This isnt on the schedule; however, we may have a good opportunity to make a trade during the NY open.
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