Morning Report: 06.30 London
- The euro is slightly on the back foot this morning ahead of the big ECB meeting after midday. Headline rates are expected to stay at 0.05%, but a Quantitative Easing extension could be on the cards.
- The euro has actually held its ground relatively well compared to the pound which suffered saw some heavy selling following poor UK construction PMI data at 09.30.
- The Australian dollar continues to perform well though, with the AUD/JPY enjoying consistent gains.
Coming up today:
- Coming up today, we have UK services PMI at 09.30.
- The big item is the ECB minimum bid rate at 12.45, followed by the press conference at 13.30.
- Also at 13.30, we have US unemployment claims, followed by Fed Chair Yellen testifying at 15.00 and ISM non-manufacturing PMI at the same time.
Trade Idea:
- UK interest rate expectations continue to drift further into the future, as construction data disappoints.
- The dollar index has been stuck in a tight range of late, but if Yellen lights the touch paper, we could see the GBP/USD drop even further.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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