Morning Report: 07.30 London
- This morning, the US dollar is on pause after its recent advance, with the dollar index trading lower so far. The movement is seeing a corresponding reaction in the USD/JPY.
- Bad news for the dollar is good news for other pairs and this is certainly true for the NZD/USD which is the top performer this morning. The AUD/USD is following suit.
- Elsewhere, the EUR/GBP has a slight negative bias after a solid rally on Friday. Both the EUR/USD and GBP/USD are on the rise ahead of a busy day for European data.
Coming up today:
- Coming up this morning we have French flash manufacturing PMI at 08.00, released alongside flash services PMI. Following this, we get the corresponding German data at 08.30 and pan-European data at 09.00.
- FOMC member Bullard speaks at 23.15.
Trade Idea:
- The USD/CAD has been on a good run recently, helped by the stability in oil prices. While it may take a while for the price to return to former highs, the direction of travel is at least not traveling one way (down).
- A US rate rise is a danger point for any USD/CAD but generally, any good news for the US economy is good news for the Canadian economy.
- A good way to play this is a HIGHER trade predicting that the USD/CAD will close above 1.3150 in 10 days for a potential return of 123%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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