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The small G10 currencies have all gone over the edge against the US dollar as of this writing, taking some of the focus off JPY crosses as USDJPY has stabilised slightly at low levels toda. We won’t know the quality of these breaks until tomorrow brings an update of the state of play in US-China trade relations. There will plenty to look at on Monday, based on tomorrow’s market close.
Also today, we saw an interesting test for NOK where the Norges Bank continues to signal that it will hike again in June. This marks a strong divergence with other global central banks, and yet after a brief kneejerk rally, NOK finds itself near its lowest levels for the cycle again – obviously in part driven by the general level of risk aversion afoot here, but it's still an ugly sign for the currency. Breakout signal tracker
We update the prices for the three signals we are tracking. These positions are really too correlated, but we’ll hang in there... note the raised stops for the EURAUD and USDCAD longs to limit some of the downside risk as these positions are too old to hang around with the full risk now that they are threatening higher again.