Morning Report: 07.00 London
- This morning, the Japanese yen is under performing after an overwhelming election victory for Shinzo Abe’s party. The news has provided confidence for Asian markets, reducing demand for the safe-haven yen. The yen pairs are all trading higher, led by the GBP/JPY.
- The dollar pairs are generally mixed, with the bulk of the action taking place on the yen pairs. One stand out loser is the NZD/USD which is slipping lower this morning.
- Meanwhile, the British pound continues to stabilise, with the EUR/GBP trickling lower.
Coming up today:
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It is a quiet day ahead today, with the euro group meeting probably the only item of note.
Trade Idea:
- The USD/JPY is on the rise this morning, but we may not see a rapid rebound from here.
- There is still much uncertainty across the world, with the Japanese yen acting as the world’s favourite safe-haven.
- A good way to play this is a LOWER trade predicting that the USD/JPY will close below 101.00 in 14 days for a potential return of 170%.
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