Morning Report: 07.00 London
- This morning, we’re seeing a continued examination of commodity currencies, led by the fresh decline in oil prices and knock-on selling in the likes of the USD/CAD.
- The dollar index is rallying for the second straight day ahead of US ADP payroll data.
- While commodities are generally lower, the Australian dollar is enjoying a rebound after yesterday’s heavy selling.
- Yen pairs are generally on the rise, following a volatile session yesterday on the USD/JPY.
- Across the remaining major dollar pairs, the EUR/USD and GBP/USD are stable after large intra-session reversal yesterday.
Coming up today:
- Coming up today we have UK construction PMI at 09.30.
- This is followed by German Buba president Weidmann speaking at 11.15.
- Following this, we have ADP non-farm employment change at 13.15.
- Following this, we have Canadian trade balance, US preliminary non-farm productivity, labor costs and trade balance data all at 13.30.
- At 15.00, we get ISM non-manufacturing PMI, alongside factory orders.
- Finally at 15.30, we get crude oil inventories.
Trade Idea:
- The EUR/USD saw a heavy reversal yesterday, but the bullish trend remains so far uninterrupted.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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