FXS: The Swiss franc and the Canadian dollar open with small losses
The foreign currencies futures consolidated overnight after the European and commodity currencies collapsed on Wednesday amid serious doubts about the global economic “recovery.” All of the foreign currencies futures but the Swiss franc and the Canadian dollar open with small losses. The Asia/Pacific stock markets closed down, the European bourses are little changed on both sides of zero, while the gold/oil spread advanced further. The US stock indexes are slightly lower in pre-open market.
The short-term outlook for all of the foreign currencies futures is sideways or sideways to slightly bearish. The medium-term outlook is sideways for the European and commodity currencies, but it could turn bearish soon. My model is short on the Dow Jones CME FX$INDEX and on all the European and commodity currencies, and long yen.
