Morning Report: 06.40 London
- After a tulmultuous week, the euro is holding Thursday’s gains. Friday saw an attempted pullback, but the EUR/ USD has gapped higher at the open to push things higher again. The EUR/ JPY saw similar movement, while the EUR/ GBP is the one euro pair to show serious reversal.
- Meanwhile, the US dollar index is stuck in a bearish pattern, with more losses on Friday and no movement to speak of this morning.
- The yen is down slightly this morning, with the USD/ JPY stuck in a trading range and going nowhere for around a month.
Coming up today:
- It’s a quiet day on the economic front, with European industrial production the only item of note.
- Much later this evening, RBNZ governor Wheeler speaks at 19.00.
Trade Idea:
- China is still the elephant in the room with various indicators continuing to indicate a sustained economic slow down. The official line remains more upbeat and in the short term, things have not been a bad a previously feared (that or offical figures have been massaged to just the right levels).
- Still there is no denying the momentum seen in the AUD/ USD and this could well carry over in the short term.
- A good way to play this is a HIGHER trade predicting that the AUD/ USD closes above 0.7600 in 10 days time for a potential return of 138%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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