Aug 12th 2016: Dollar Unchanged Ahead of Big Data Day

• The US dollar index is unchanged this morning, but the USD/ JPY is making gains so far. This comes ahead of a very busy day for US data, including retail sales and consumer sentiment.

• The yen pairs are pushing higher, as investors ease off their demand for safe havens. This comes despite worse than expected Chinese industrial production and retail sales.

• Oil prices surged yesterday, helping the USD/ CAD to extend it’s recovery run and undo the recent spike higher.

• The pound is performing slightly better this morning, making gains against the euro.

• Coming up today, we have European Flash GDP at 10.00.
• This is followed by US core retail sales and PPI at 13.30, then preliminary UoM consumer sentiment at 15.00.

Trade Idea: 

• The GBP/ JPY may have held up well in the last couple of days, but the trend is firmly set against the pair.

• A good way to play this is a LOWER trade predicting that the GBP/ JPY will close below 132.00 in 10 days for a potential return of 122%.

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