Euro and pound rebalance

Morning Report: 09.00 London

• Typical of a Monday morning with no significant weekend news flow, markets are quiet so far.                                                                                                             

                               

• This is a slight positive bias though with the S&P 500 rising again and the dollar index just about holding its recent up trend.
                                                                                                                                                                       
                               

• The big mover this morning is the British pound which is recovering some of the ground lost last week. The GBP/JPY is up 0.30%, with the EUR/GBP down 0.31%.

                               
       
                               

                               

• The euro itself is struggling again as ECB president Draghi runs out of options.

                                                            
                                           
Coming up today:

• There’s little of note out today, with European trade balance at 10.00 one of the highlights.


Trade Idea:

• The EUR/GBP has started turning back this morning, but there could be further to go on the down side.

A good way to play this is a LOWER trade predicting that the EUR/GBP will close below 0.8000 in 7 days time for a potential return of 100%.

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Summary: