• The US Dollar experienced broad selling yesterday as the ECB issued a firm rebuttal to critics, stating that “the ECB cannot will not let itself be pushed by the markets”. Markets took this as a sign that that ECB may hold off on further activity for longer than expected. The Euro experienced strong support, though is off the boil this morning. The Dollar has continued its weakness however.
• The big winner this morning is the Australian Dollar after strong employment data overnight.
• The New Zealand Dollar is also bidding higher after the RBZN cut rates by just 0.25% against outside expectations of further action.
• The Yen saw similar traffic to other currencies, with the USD/JPY pushing lower.
Coming up today:
• Coming up today we have UK trade balance figures at 09.30. The main item today is MPC meeting at 12.00, with no significant change expected.
• Following this, we have US unemployment claims at 13.30. Canadian NHPI is also released at the same time alongside import prices.
• German Buba president Weidmann speaks at 18.00.
• BOE governor Carney speaks at 18.30.
Trade Idea:
• The New Zealand Dollar is building much needed momentum, as the potentially deep RBZN rate cut is avoided.
• The December Fed meeting is looming, but it may be worth backing this momentum in the short term.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Dollar Tumbles as ECB
Takes Hard Line
Morning Report: 06.30 London
• The US Dollar experienced broad selling yesterday as the ECB issued a firm rebuttal to critics, stating that “the ECB cannot will not let itself be pushed by the markets”. Markets took this as a sign that that ECB may hold off on further activity for longer than expected. The Euro experienced strong support, though is off the boil this morning. The Dollar has continued its weakness however.
• The big winner this morning is the Australian Dollar after strong employment data overnight.
• The New Zealand Dollar is also bidding higher after the RBZN cut rates by just 0.25% against outside expectations of further action.
• The Yen saw similar traffic to other currencies, with the USD/JPY pushing lower.
Coming up today:
• Coming up today we have UK trade balance figures at 09.30. The main item today is MPC meeting at 12.00, with no significant change expected.
• Following this, we have US unemployment claims at 13.30. Canadian NHPI is also released at the same time alongside import prices.
• German Buba president Weidmann speaks at 18.00.
• BOE governor Carney speaks at 18.30.
Trade Idea:
• The New Zealand Dollar is building much needed momentum, as the potentially deep RBZN rate cut is avoided.
• The December Fed meeting is looming, but it may be worth backing this momentum in the short term.
A good way to play this is a HIGHER trade predicting that the NZD/USD will close above 0.6775 in 5 days time for a potential return of 165%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
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