Morning Report: 07.15 London
- After another volatile session on Wall Street, traders are once again flooding towards safe havens. The big winner in this move is the Japanese yen with all the main yen pairs lower across the board. Investors are fretting over the banking industry’s ability to survive another global crash.
- Gold is holding at the highs while the oil price advance has stalled.
- The dollar is mixed as investors weigh up its safe haven status against downside pressure from delayed interest rate hikes.
- The Australasia pairs are on the back foot as investors eye Chinese risk.
- Finally the euro is holding up relatively well despite pressure on euro bonds.
Coming up today:
- Today we have UK trade balance at 09.30, as MPC member Cunliffe speaks at the same time.
- From 15.00. we switch to North America for US JOLTS job openings.
Trade Idea:
- The USD/ JPY is sinking steadily as investors seek out the safety of the yen to ride out the latest financial wobble.
- This troubled period is not going to go away over night, which could mean further downside for the USD/ JPY.
- A good way to play this is a LOWER trade predicting that the USD/ JPY will close below 114.00 in 21 days for a potential return of 163%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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