Morning Report: 06.15 London
- Central banks were the focus yesterday and will continue to be today with the release of the minutes from the last ECB meeting. The FOMC kept up the chance of a December rate hike, but there is a considerable caveat in this in wanting to see the economy continue to improve. Meanwhile, the Bank of Japan kept their asset purchase program as it was.
- The dollar index has lost some of its shine, slipping back further after yesterday’s wobble. The USD/JPY is negative also, but holding its ground a little better.
- The big movers are the Australian and New Zealand dollars, up 0.75% and 0.95% respectively on yesterday against the US dollar. The AUD/JPY now looks set to challenge the October highs.
- The euro is also taking advantage of a weak dollar day to post two days of straight gains.
Coming up today:
- Coming up today we have German Buba President Weidmann speaking at 08.00.
- This is followed by UK retail sales at 09.30.
- ECB monetary policy meeting accounts are released from 12.30.
- From 13.30 we switch to the US for unemployment claims followed by the Philly Fed manufacturing index at 15.00.
- FOMC members Lockhart and Fischer speak at 21.45.
Trade Idea:
- As horrific as the French terror strikes (and recently attempted) were, they are expect to have minimal impact on the general French economy. On this, the picture is less than rosy regardless of the terror threat.
- The dollar is backing off the pace this morning, but there is still a clear gap between the interest rate trajectories of the eurozone and the Fed.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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