Mar 31st 2016: Euro Out Performs

• This morning, the euro is on the back foot against the US dollar, but is generally outperforming its peers, especially the British pound.

• The EUR/ GBP is on the rise again this morning as the GBP/ USD and GBP/ JPY drop for the second straight day.

• Meanwhile, the US Dollar index is on the rise after days of selling (despite better than expected ADP payrolls yesterday).

• The USD/ JPY is unchanged as the yen and dollar cancel each other out.

• Finally, oil prices remain pressured with world markets facing multiple pressures including a Chinese slowdown and political uncertainty in Portugal in Ireland and Greece.

Coming up today: 

• Coming up today we have Spanish flash CPI at 08.00.
• BOE governor Carney also speaks at this time.
• Following this we have German unemployment change at 08.55.
• At 09.30, we get a raft of UK data points including current account data, final GDP and net lending to individuals.
• Then at 13.30, we have Canadian GDP and US unemployment claims.
• This is followed by Chicago PMI at 14.45.

Trade Idea: 

• Despite this morning’s pull back, the ECB effect seems to still be in place, with the euro enjoying a general out performance over its peers.

• A good way to play this is a HIGHER trade predicting that the EUR/ USD will close above 1.1400 in 14 days for a potential return of 189%.

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