Markets rise ahead of Yellen

Morning Report: 08.30 London

• Risk markets are on the front foot this morning ahead of Janet Yellen’s first testimony as head of the US Federal reserve. The S&P 500 is pushing higher for the fourth straight session, while the main risk-on FX pairs are enjoying a strong start to the day.



• The AUD/JPY and AUD/USD are up around 0.85% after strong business confidence figures and House Price data.

• The NZD/USD is up 0.52% in sympathy.



• Commodities are performing well, with gold up 0.80% and silver higher by 0.35%.

• Elsewhere, the euro is enjoying a positive start, helped by the US dollar index backing off.



Coming up today:

• Coming up today we have the first testimony from Fed chair Janet Yellen at 15.00, with US JOLTS job openings released at the same time.

Trade Idea:

• Gold has been building momentum in recent weeks, yet still looks far from over bought.

This could be a good time for a HIGHER trade predicting that gold will close HIGHER than $1300 in 7 days time could return 231%.

This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.

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