Morning Report: 08.30 London
- The British pound is still shaky after yesterday’s unexpected rise in UK public sector net borrowing. The British pound sank heavily against the dollar, pound and euro as expectations for an interest rate hike shifted further into the future again.
- The big movers this morning are the Australian and New Zealand dollars as Chinese manufacturing data dropped more than expected. Whatever activity the Chinese government may be attempting to get the economy back on track can’t come soon enough.
- The euro may be out-performing the pound, but this is hardly a ringing endorsement as VW’s problems weigh heavily on Germany and, therefore the euro.
- Amongst all the turmoil, the US dollar is quietly resuming its dominant position.
Coming up today:
- Coming up today we have German flash manufacturing at PMI, followed by European manufacturing and services PMI at o8.30 then 09.00.
- From 13.30 we switch to North America for Canadian core retail sales.
- ECB president Draghi speaks at 14.00.
- There is further central banker speak from 17.00 with MPC member Broadbent speaking followed by FOMC member Lockhart speaking at 17.30.
Trade Idea:
- We have opposed the NZD/USD many times in recent weeks and until China turns a significant corner, we’ll keep riding the same trend.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
Summary:
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