Morning Report: 06.45 London
- This morning, markets are starting with a continuation of last week’s dollar softness alongside extended yen strength. The US dollar index has slipped lower while the USD/JPY has pushed lower again after an initial gap higher.
- The top performers this morning are the Australian and New Zealand dollars though both are yet to breakout of the recent trading range highs. The AUD/JPY gapped higher at the open and has held on to these gains despite downside pressure.
Coming up today:
- Coming up today we have Treasury Secretary Lew speaking at 13.30, followed by FOMC member Dudley speaking at 14.25.
Trade Idea:
- The Canadian dollar is enjoying the returned interest in oil. While prices haven’t consistently risen, they have at least stopped consistently falling.
- The USD/CAD has been under pressure as the dollar index slips backward and the ‘Loonie’ advances.
- There could be a further downside from here and a good way to play this is a LOWER trade predicting that the USD/CAD will close below 1.2900 in 14 days for a potential return of 138%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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