Morning Report: 08.30 London
- This morning, the Australian dollar is leading markets higher despite a ballooning gap in the trade balance. The RBA’s decision to keep rates on hold is a more significant factor though as it is set against the outside prospect of a rate cut.
- The NZD/ USD is rallying in sympathy.
- European dollar pairs are on the back foot however, with both the pound and euro under pressure.
- Looking at wider markets, the dollar index is slipping lower for the third day in a row, while the S&P 500 climbed for a fifth straight day last night. The prospect of a later US rate hike is behind this.
Coming up today:
- Today we have Eurogroup and ECOFIN meetings running through the day.
- The afternoon’s main highlight is Canadian and US trade balance at 13.30.
- President Draghi then speaks at 18.00.
- FOMC member Williams speaks at 22.30.
Trade Idea:
- The NZD/USD has the bit between its teeth, rallying against a backdrop of potential rate cuts and Chinese slow down.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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