Morning Report: 09.00 London
- This morning, the dollar index is once again on the retreat after a brief rally yesterday on the back of disappointing German ZEW economic sentiment data. This comes despite Chinese inflation coming in below expectations this morning.
- The euro is rallying this morning after those disappointing German figures, maintaining its gains against the pound from yesterday.
- The pound suffered a shock yesterday after CPI data came in negative (just), sending the GBP/ USD and other pairs shooting lower. Sterling is staging a recovery this morning, but the GBP/ JPY is lagging.
- Commodity currencies are also recovering from yesterday’s Chinese miss, with gold continuing to zip towards the highs.
Coming up today:
- Coming up today we have UK average earnings at 09.30, released alongside claimant count change data and the unemployment rate.
- From 13.30, we switch to the US for PPI and retail sales data. w
Trade Idea:
- Markets took a big swipe at the AUD/ USD yesterday, but the momentum story is still there. China’s wobble looks controllable so far, especially with the fed backing off.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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