ECB Accommodation
Softens Euro

Morning Report: 09.00 London

• This morning, the Euro is stable after heaving selling yesterday as markets react to the ever accommodative stance from the ECB.
                

• The US Dollar has endured a positive couple of sessions after a mixed set of readings yesterday which included strong unemployment claims and weak Philly Fed data.

• The NZD/USD being knocked off its perch this morning, but is still a force to be reckoned with.

Coming up today:

• Coming up today, we have final European CPI at 10.00.

• This is followed by Canadian Manufacturing sales at 13.30.

• US Capacity Utilisation and Industrial production follow at 14.15.

• Prelim UoM is the day’s main highlight at 15.00.

Trade Idea:

• Like the US, a UK rate hike may be later than previously expected, but it’s still on the event horizon. The same can’t be said for the Euro. With the EUR/GBP showing signs of weakness, there could be more downside to come from here.

A good way to play this is a LOWER trade predicting that the EUR/GBP will close below 0.7300 in 14 days time for a potential return of 180%.

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