Feb 24th 2016: Dollar HIgher Again After Poor Data

• This morning, the US dollar is on the rise again after a set of poor data releases yesterday. German Ifo business climate came in below expectations, while US CB consumer confidence saw a significant drop.

• Oil prices declined again yesterday, after Saudia Arabia ruled out a deal to cut oil production.

• The yen pairs are on the back foot, with the EUR/JPY and GBP/JPY seeing sizeable losses.

• The dollar pairs are mixed, with the GBP/USD continuing to under-perform. The euro is at least controlling its losses.

• The Australasian pairs are not immune from the selling pressure, with both the AUD/USD and NZD/USD on the back foot.

Coming up today: 

• Coming up today we have US new home sales at 15.00, followed by crude oil inventories at 15.30.
• Bank of Canada council member Schembri speaks at 17.50, followed by MPC member Cunliffe speaking at 18.10.

Trade Idea: 

• It’s been one way traffic for the GBP/JPY in recent weeks and this could continue as BOE governor Carney discussed negative interest rates yesterday.

• A good way to play this is a LOWER trade predicting that the GBP/JPY could lose below 155.00 in 14 days for a potential return of 163%.

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