Gold Enjoys Rally As Pressure Eases

Morning Report: 08.15 London

• Asian markets enjoyed another positive session this morning, but so far this hasn’t translated into further gains for the S&P 500.
                                                                                                               

                               
                            
• The dollar index is backing off however, helping precious metals to rebound from the week’s earlier sell off.

                               

                               

                               
                           
• The NZD/USD is on the slide again and with no real economic news out, this can only be the weight of selling pressure.

• The British pound is lifting its foot off the gas, helping the euro to regain some of the ground lost in the last two days.

                               

• The USD/JPY has also resumed its sell off after posting another lower high.

                               
                       

Coming up today:

• Coming up today we have European inflation data at 10.00.

• This is followed by US building permits and unemployment claims at 13.30.

• Philly Fed follows at 15.00.


Trade Idea:

• The NZD/USD’s sell off is hard to ignore, especially as today’s movement comes despite dollar index weakness today. This hints at underlying weakness and more downside to come.


                               

A LOWER trade predicting that the NZD/USD will close below 0.8675 in 1 days time could return 148% if successful.

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