Morning Report: 07.00 London
- This morning, China has dimmed the light’s on Monday’s party which saw oil prices rise above $40 a barrel for the first time this year, with iron ore prices following suit. China’s trade balance came in well below estimates, hitting commodities and commodity currencies such as the Australian dollar. The AUD/JPY has dropped by 0.90%, with the AUD/USD and NZD/USD down by 0.60%.
- After days of losses, the US dollar is attempting to rally, while the USD/JPY drops on a safe haven play.
- Gold is holding at the highs while oil prices spiked higher yesterday.
Coming up today:
- Today we have BOE governor Carney speaking at 09.15.
- Then at 13.30 we have Canadian building permits.
- MPC member weale then speaks at 17.00.
Trade Idea:
- The EUR/USD has enjoyed a steady few days, but Greece is starting to appear in Europe’s conscious once again as the most recent bailout deal comes under renewed focus.
- If the dollar regains some of its poise, the US dollar could see more downside from here.
- A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.1000 in 14 days for a potential return of 104%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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