Morning Report: 06.45 London
- This morning, the euro is on the back foot after a strong showing yesterday, especially against the British pound. UK public spending increased more than expected, questioning the economic recovery trumpeted by Chancellor Osborne.
- Despite a weaker euro, the dollar index is extending its losing run this morning, mainly due to a stronger showing for Australasian currencies.
- The Aussie and Kiwi dollar are extending their winning run, with the NZD/USD out-performing.
Coming up today:
- The UK comes under focus again, with current account and final GDP data from 09.30.
- From 13.30, we switch to North America for Canadian retail sales, released alongside US core durable goods orders.
- From 15.00, we get US new home sales and revised UoM consumer sentiment.
Trade Idea:
- The GBP/JPY has been a consistent loser this last month as traders adapt to an expected delay in increasing UK interest rates.
- Today, we get current account data that could add further weakness.
- A good way to play this is a LOWER trade predicting that the GBP/JPY will close below 179.00 in 35 days for a potential return of 131%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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