April 8th 2019: Dollar Reversing Payroll Gains
April 8, 2019 12:32 pmVideo
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Morning Report: 07.00 London
This morning, the US dollar index is reversing Friday’s payrolls inspired gains. Non-Farm Employment Change came in above estimates at +196k, beating estimates after last month’s slump.
The EUR/USD and GBP/USD are making gains as a result, with the EUR/USD rallying after holding the 1.1200 level. The GBP/USD is also reversing two days of heavy losses after holding the 1.3000 level on Friday. The EUR/GBP is on the back foot, but the pair remains broadly rangebound.
The AUD/USD is lower for the third day in a row though as the pair struggles to best last week’s highs. Another commodity driven pair, the USD/CAD is also bucking the wider trend, with the pair back up to unchanged after gapping lower at the open.
The USD/CHF is reversing steadily from the 1.0000 level after breaking above it on Friday.
Yen pairs are lower, led by the USD/JPY which is reversing the pair’s steady rally from the 110.00 level from the March lows. The GBP/JPY is lower for the third straight day, slipping below the 1460 level again, while the EUR/JPY is lower but holding the 125.00 level for now. The AUD/JPY is one of the bigger fallers, testing the 79.00 level this morning.
Coming up today
There are no upper to middle tier items today.
US factory orders is the standout item at 14.00.
Trade Idea
The Australian dollar continues to slip lower and there could be lower levels to come if the RBA’s dovish approach continues.
A ONE TOUCH trade predicting that the AUD/USD will touch 0.7025 within 7 days could return 144%.
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