Dollar Dips as Yen
Extends Advance

Morning Report: 06.30 London

• This morning, markets are starting with a continuation of last week’s Dollar softness alongside extended Yen strength. The US Dollar index has slipped lower while the USD/JPY has pushed lower again after an initial gap higher.

• The top performers this morning are the Australian and New Zealand Dollars though both are yet to breakout of the recent trading range highs. The AUD/JPY gapped higher at the open and has held on to these gains despite downside pressure.

Coming up today:

• Coming up today we have Treasury Secretary Lew speaking at 13.30, followed by FOMC member Dudley speaking at 14.25.

Trade Idea:

• The Canadian Dollar is enjoying the returned interest in oil. While prices haven’t consistently risen, they have at least stopped consistently falling.

                     

• The USD/CAD has been under pressure as the Dollar index slips backward and the ‘Loonie’ advances.

There could be a further downside from here and a good way to play this is a LOWER trade predicting that the USD/CAD will close below 1.2900 in 14 days for a potential return of 138%.

                         
                                                         

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