Morning Report: 07.30 London
- This morning, Chinese stock markets have endured another volatile session, but this time the turmoil has not impacted forex markets (so far). The dollar index ended up finishing strongly as the euro reversed path. The Greenback is pulling back slightly this morning.
- The dollar pairs are mostly unchanged with a slight positive bias this morning.
- The Australasian pairs come under significant pressure yesterday,with a small recovery this morning barely making a dent on the Monday losses.
Coming up today:
- Coming up today we have Spanish unemployment change at 08.00, followed by German data at 08.55.
- UK construction PMI follows at 09.30.
- At 10.00 we get European core CPI estimate.
Trade Idea:
- The AUD/USD came in for some heavy selling yesterday on the back of Chinese volatility. The latter has been volatile again this morning and we’ve often seen extreme reactions to China in both ways.
- There’s a reasonable chance of a short term recovery for the AUD/USD as the risk pendulum swings back the other way.
- A good way to play this is a HIGHER trade predicting that the AUD/USD will close above 0.7300 in 6 days for a potential return of 321%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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