• China upped the stakes in the currency wars this morning with another dramatic devaluation of the renminbi. In addition, Chinese industrial production ‘slumped’ to 6% growth, with fixed asset investment also disappointing. The dollar index is off the morning highs, while the S&P 500 continues to reverse Monday’s rally.
• The Australian dollar is hardest hit, down 0.84% against the US dollar. The NZD/USD is dropping lower in sympathy.
• The euro is holding up well have apparent progress in Greece despite some officials calling the latest deal a ‘fantasy’.
Coming up today:
• Coming up today, we have UK average earnings at 09.30 with claimant count change released at the same time.
• FOMC member Dudley speaks at 13.30, with JOLTS job openings at 15.00.
Trade Idea:
The Australian Dollar has borne the brunt of the damage from China’s devaluations, but the NZD/USD will not be left unscathed.
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.
China Production Hits
as RMB Plunges Again
Morning Report: 07.00 London
• China upped the stakes in the currency wars this morning with another dramatic devaluation of the renminbi. In addition, Chinese industrial production ‘slumped’ to 6% growth, with fixed asset investment also disappointing. The dollar index is off the morning highs, while the S&P 500 continues to reverse Monday’s rally.
• The Australian dollar is hardest hit, down 0.84% against the US dollar. The NZD/USD is dropping lower in sympathy.
• The euro is holding up well have apparent progress in Greece despite some officials calling the latest deal a ‘fantasy’.
Coming up today:
• Coming up today, we have UK average earnings at 09.30 with claimant count change released at the same time.
• FOMC member Dudley speaks at 13.30, with JOLTS job openings at 15.00.
Trade Idea:
The Australian Dollar has borne the brunt of the damage from China’s devaluations, but the NZD/USD will not be left unscathed.
A good way to play this situation is a LOWER trade prediciting that the NZD/USD will close below 0.6400 in 14 days for a potential return of 231%
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.
Summary:
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