Soft Start for Euro

Morning Report: 06.30 London

• This morning, the euro is lagging on reports that the IMF is pressing the EU to allow Greece to skip paying interest payments.

• The EUR/GBP is lower despite UK inflation and PPI coming in below expectations yesterday.

• The US dollar is on the rise amid reports that markets are being overly pessimistic of a US rate hike.

• The USD/JPY is pushing higher on a similar move.

• Elsewhere, the Australian dollar is flashing red despite oil prices testing new highs yesterday.

                                                                                                                                                                                                                             
Coming up today:

• Coming up this morning, we have UK average earnings index at 09.30, released alongside claimant count change and the unemployment rate.

• Following this, we have European final CPI at 10.00.

• The main ticket is the release of the FOMC meeting minutes at 19.00, before crude oil inventories at 15.30.

Trade Idea:

• The pressure on the Australian dollar is yet to relent and as such, we could well see further downside from here.

                     

A good way to play this is a lower trade predicting that the AUD/USD will close below 0.72 in 14 days for a potential return of 200%.

                          
                                                         

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