Dec 24th, 2015: Dollar Extends Losing Streak

• This morning, the dollar index looks set to go into Christmas extending its five-day losing run. This comes after core durable goods orders dropped by more than expected yesterday.

• The yen has been the big winner of this weakness, with the USD/JPY and other yen pairs extending recent losing runs.

• Commodities and commodity currencies are staging a relief rally as oil shows signs of life at the lows.

• The British pound is holding yesterday’s gains after the UK current account deficit came in at ‘just’ -17.5bn.

Coming up today: 

• Today we have US unemployment claims at 13.30.
• Most European markets will operating a half day today.

Trade Idea: 

• The yen is showing some impressive momentum, as the dollar unwinds its post fed gains. There could be further downside if oil continues to stabilise.

• A good way to play this is a LOWER trade predicting that the USD/JPY will close below 120.00 in 32 days for a potential return of 154%.

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