May 20th 2016: US Manufacturing Gives Cause for Concern

• This morning, the US dollar is holding recent gains despite below par US manufacturing data yesterday. Philly Fed Manufacturing dropped unexpectedly while unemployment claims came in marginally above estimates.

• The USD/JPY fell back on the news yesterday but is climbing higher this morning.

• Currency markets remain generally quiet with the likes of the EUR/USD unchanged so far this morning.

• Coming up today we have UK CBI order expectations.
• This is followed by Canadian core CPI and retail sales at 13.30.
• US existing home sales follow at 15.00.

Trade Idea: 

• The British pound continues to show impressive performance against the euro and other currencies, underlined by yesterday’s retail sale.

• A good way to play this is an ONE TOUCH trade predicting that the EUR/GBP will touch 0.7575 within the next 10 days could return 115% if success.

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