Morning Report: 07.45 London
- This morning, the US dollar has continued its resurgence, switching the balance of power away from the yen which is struggling this morning. The dollar’s surge is being helped by oil prices dropping below $44.00 yesterday.
- The USD/ JPY and other yen pairs are on the back foot, with the EUR/ JPY lifting off the lows.
- The Aussie dollar is struggling through as Chinese PPI continues to slow, albeit at a more measured pace.
- Meanwhile, the dollar pairs are generally holding up well, which is an indication that the dollar’s rebound is more due to the weakening yen than any particular dollar strength. The move has at least helped the GBP/ USD arrest its recent decline.
Coming up today:
- Coming up today we have FOMC member Dudley speaking at 08.15.
- UK trade goods data then follows at 09.30.
- US JOLTS job openings then follows at 15.00.
Trade Idea:
- The AUD/ USD has continued to struggle as the best the Chinese can do is to contract at a slower pace than previously thought.
- There could be more downside from here and a good way to play this is a LOWER trade predicting that the AUD/ USD will close below 0.7300 in 10 days for a potential return of 134%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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