Yen Slight Rise On Abe Election

Morning Report: 9.00 London

• This morning, the Japanese yen has shown a positive, if muted reaction to the re-election of PM Shinzo Abe. The major yen pairs are heading lower, with the USD/JPY down 0.35% and the EUR/JPY off by 0.49%.
                                                                 

                               

• The AUD/JPY is off by 0.41% amid an ongoing hostage situation in Sydney.           

• The NZD/USD is also trading lower, the worst performing dollar pair on the block today.

                               

• Meanwhile gold continues to peel back, off 0.66% today.

                             

• The S&P 500 is recovering after futures pointed to a negative start.

                             
                           
Coming up today:

• Coming up today we have UK CBI industrial order expectations at 11.00.

• This is followed by US empire state manufacturing at 13.30, followed by the capacity utilisation rate and industrial production at 14.15.

Trade Idea:

The EUR/USD is under performing this morning as the rally from November lows runs out of steam. We could see a return to lows before the end of the year which makes a LOWER trade look attractive here.

                             

A LOWER trade predicting that the EUR/USD will close below 2.2400 in 4 days time could return 136% if successful.

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