Morning Report: 07.45 London
- This morning, the US dollar remains on a firm footing ahead of today’s Non-Farm Payroll release around midday.
- Meanwhile, the Australian dollar is under pressure following the release of the minutes from the last RBA meeting. The AUD/JPY has erased any gains made yesterday.
- Meanwhile in Europe, the euro is recovering after heavy selling yesterday with the EUR/GBP erasing most of the gains made since Tuesday.
Coming up today:
- Today’s main highlight is, of course, this afternoon’s US Non-Farm Payroll release with a gain of +203k expected.
- Also at 13.30, we get US average hourly earnings, the unemployment rate and corresponding Canadian employment data.
- Canadian Ivey PMI then follows at 15.00.
Trade Idea:
- UK services data showed further declines yesterday, yet the pound still outperformed the euro and is putting in a good shift against the Australian dollar this morning.
- Australia is impacted by the Chinese economy more than any other economy and with the latter still unsettled, the pound’s strength in adversity could see the GBP/AUD lift even higher.
- A good way to play this is a HIGHER trade predicting that the GBP/AUD will close above 1.97 in 14 days for a potential return of 129%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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