Morning Report: 08.30 London
- This morning, the Australian dollar is bidding higher after Chinese manufacturing data reassured markets that the world’s growth engine had not spluttered to a halt. There are some who think that official Chinese economic data is about as trustworthy as VW emissions tests, but the results have still reassured traders who have taken positions on the commodity heavy Australian dollar. Perhaps a bigger test is Australia’s own data which cannot be fudged. For now though, the Aussie is rallying after days of pressure.
- The NZD/USD is rallying in sympathy.
- The British pound is performing well after an upwards revision to previous GDP data that makes the UK’s economic recovery better than previously expected.
- Gold continues to fall back as last week’s surge proves short lived.
Coming up today:
- We have another packed day today, with UK manufacturing at 09.30.
- This is followed by US unemployment claims at 13.30. US ISM manufacturing follows at 15.00.
Trade Idea:
- The British pound is still on a wholly different orbit to the euro and the recent positive GDP revision will only increase the pressure on the MPC to increase rates sooner rather than later.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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