Yen In Demand as OPEC
Fails to Agree

Morning Report: 06.30 London

• This morning, markets are reacting to OPEC’s failed to agree a cut in output. The news has pushed oil prices lower after days of above $43 price. Commodity currencies have been the big losers, with the USD/CAD gapping higher this morning.

• The Australian dollar is suffering too as the oil price malaise spreads to other currencies. With AUD/JPY has experienced a dramatic gap lower.

• The yen pairs generally are on the back foot as demand for the safe haven increases. Meanwhile the US dollar remains relatively unchanged.

Coming up today:

• Coming up today, we have Canadian foreign securities purchases and US FOMC member Dudley speaking. at 13.30.

Trade Idea:

• The USD/JPY gapped lower at the open, but such gaps are often closed, especially of late.

                     

Therefore, a good way to play this is a ONE TOUCH trade predicting that the USD/ JPY will close the gap and touch 109.50 within 7 days for a potential return of 116%.

                          
                                                         

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