Feb 29th 2016: Dollar On Back Foot

Morning Report: 06.30 London

  • This morning, the US Dollar is giving back some of Friday’s gains as investors switch back to the yen.

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  • The pound and euro are making reasonable gains after heavy selling on Friday, but so far these moves appear tentative.

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  • The big winner is the Japanese yen, with the yen pairs set to test the February lows.

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  • The Australian and New Zealand dollar are lagging however, with the NZD/ USD gapping lower at the open after severe selling on Friday.

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Coming up today: 

  • Coming up today we have German retail sales at 07.00.
  • This is followed by UK net lending to individuals at 09.30.
  • European CPI flash estimate follows at 10.00.
  • Canadian current account data is released at 13.30, alongside RMPI.
  • Chicago PMI is released at 14.45, with pending home sales at 15.00.

Trade Idea: 

  • The GBP/ JPY is on the back foot again this morning, extending the recent losing run. Upside is likely to limited until the result of the ‘Brexit’ referendum, making a LOWER trade attractive.

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This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

 

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