Morning Report: 06.45 London
- Despite Premier Xi officially lowering growth targets, China has offered some reassurance this morning. Chinese Caixin services PMI came in above expectations, while Australian trade balance (Often seen as a China proxy) expanded less than expected. The Aussie dollar is bidding higher as a result.
- By contrast, the NZD/ USD is on the back foot and for the first time in weeks is under performing is Australian peer.
- Meanwhile, the euro continues to slip lower ahead of a busy economic calendar.
Coming up today:
- Coming up today we have ECB president Draghi speaking at 08.00.
- This is followed by UK services PMI at 09.30.
- The big news comes at 13.15 with US ADP non farm employment change. US and Canadian trade balance follows at 13.30.
- Following this at 15.00, Fed Chair Yellen speaks at 15.00, with non-manufacturing PMI at the same time.
- This evening, RBA governor Sevens speaks at 20.25.
Trade Idea:
- The EUR/ GBP continues to struggle as slower growth haunts policy makers. The British economy is still no bed of roses, but remains on a positive interest rate trajectory.
- A good way to play this is a LOWER trade predicting that the EUR/ GBP will close below 0.7000 in 14 days for a potential return of 298%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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