May 31st 2016: Aussie Building Boost

• This morning, the Australian dollar is on the rise, helped by better than expected building approvals data. The current account deficit widened, but any sign of growth is a positive at the moment.

• The New Zealand dollar is rising in sympathy.

• Elsewhere, the US dollar is on the back foot, while the Japanese yen pairs are on the rise, building on Monday’s opening gap higher.

• The pound continues to out perform, especially against the euro which is struggling again this morning.

• Coming up today we have  German unemployment change at 08.55.
• Following this we get European M3 money supply, followed by CPI flash estimate.
• From 13.30 we switch to North America for Canadian GDP, released alongside US core PCE prices index and personal spending.
• Then at 14.45 we get Chicago PMI, followed by CB consumer confidence.

Trade Idea: 

• The euro continues to test recent lows against the pound, with the EU economy still weighed down by a fresh round of Greek concerns.

• A good way to play this is a LOWER trade predicting that the EUR/ GBP will close below 80.00 in 21 days for a potential return of 125%.

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