Apr 20th 2016: Yen Demand Returns

• This morning, the Japanese yen is back in demand, driving the yen pairs lower, especially the AUD/JPY which is tailing off from the highs after the latest crude oil surge faltered.

• The pressure remains on the US dollar after a poor set of building permit results yesterday.

• The dollar pairs are having a slightly better day, though the euro is outperforming the pound after struggling over the last few sessions.

Coming up today: 

• The UK comes under focus this morning, starting with claimant count change and the unemployment rate at 09.30, released alongside average earnings.
• Then at 11.00 ECB president Draghi speaks, followed by MPC member McCafferty speaking at 14.00.
• US existing home sales follow at 15.00, with crude oil inventories at 15.30.
• BOC governor Poloz speaks at 21.15.

Trade Idea: 

• Commodities are off the boil this morning, but the AUD/USD is still looking strong.

• A good way to play this is a HIGHER trade predicting that the AUD/USD will close above 0.78500 for a potential return of 155%.

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