Dollar Slumps as Yen Fights Back

Morning Report: 08.30 London

• This morning, the US dollar is retreating in the face of a strong yen advance. The dollar index is slumping for the third day in a row while stock markets recover somewhat.

• The USD/JPY  is the big mover, with other yen pairs following suit.

• The Australian dollar is on the rise, with the NZD/USD riding on its coat tails.

• The euro is on the rise again for the third straight day despite growing concerns about Greece.

                                                                                                                                                                                                      
Coming up today:

• Coming up today we have UK manufacturing production at 09.30.

• UK GDP estimates follow at 15.00, with BOE governor Carney speaking this evening at 21.00.

• Later this evening we have a New Zealand rate call.

Trade Idea:

How long can the EUR/USD continue to climb a wall of worry? The euro appears to be becoming increasingly disconnected with the fate of Greece. As the mood and tone of talks turn a little darker this week.

The trend is clearly behind the euro and it may pay to bet on this rather than try to second guess the politics. 
             
A good way to play this is a HIGHER trade predicting that the EUR/USD will close above 1.1400 in 2 days time could return 130% if successful.

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