Mar 2nd 2016: Aussie GDP Boost

• This morning, the Australian dollar is riding high after impressive GDP figures which came in more than expected at +0.6%. The Aussie is rallying and testing the highs of the recent trading ranges.

• The NZD/ USD is lagging however.

• Dollar pairs are generally mixed as the USD/ JPY nudges higher again while the dollar index slips lower.

• The pound continues to hold its ground, while the euro struggles, with the EUR/ GBP continuing to slip from the highs.

Coming up today: 

• Today we have Spanish unemployment change at 08.00.
• This is followed by UK construction PMI at 09.30. MPC member broadbent then speaks at 10.00., followed by member Cunliffe speaking at 14.00.
• US ADP non farm employment change is released at 13.15.
• US crude oil inventories are released at 15.30.

Trade Idea: 

• The euro’s steady drip lower all but erases the February pop higher. The January lows are so far remained untroubled however, so there could be further downside to come.

• A good way to play this is a ONE TOUCH trade predicting that the EUR/ USD will touch 1.0650 within 14 days for a potential return of 114%.

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