Feb 3rd 2016: Oil Retreats Below $33

• Retreating commodities are behind some of the big movement this morning, as oil prices closed below $33 once again.

• The Australian and New Zealand dollars are the main movers, with the AUD/JPY off by 0.50% and the NZD/USD by 0.60%. Australian data has also been mixed with strong building approvals released alongside poor trade balance data.

• The yen pairs are on the back foot as investors seek out the perceived safety of the yen. US stock markets closed down by nearly 2% last night.

• The US dollar is unchanged overnight.

Coming up today: 

• Coming up today we have UK services PMI at 09.30.
• From 13.15 we have US ADP non farm employment change.
• This is followed by ISM non-manufacturing PMI at 15.00, with crude oil inventories at 15.30.

Trade Idea: 

• As has often been the case, a large spike in the USD/JPY has been slowly reversed in the preceding days.
• We’ve not quite reached Friday’s opening levels, but this may just be a matter of time.

• A good way to play this is a ONE TOUCH trade predicting that the USD/JPY will touch 118.50 within the next 5 days for a potential return of 156%.

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