• This morning, the British Pound remains on the back foot after further bad news from Chancellor George Osborne. The UK current account deficit ballooned to -32.7bn while net lending to individuals dropped. The impact has been measured, though, as GDP came in above expectations. The Pound is under performing its peers this morning, with the EUR/GBP extending recent gains.
• Elsewhere, the US Dollar remains unchanged as traders watch from the sidelines ahead of today’s Non Farm Payrolls.
• Meanwhile, the Yen pairs are generally giving back some of their recent gains, with the likes of the USD/JPY and AUD/JPY on the back foot this morning. This comes after Japanese manufacturing figures came in below estimates this morning.
Coming up today:
• We start today with UK manufacturing PMI at 09.30, followed by the European unemployment rate at 10.00.
• Then we get the main ticket of US Non Farm Payrolls at 13.30, released alongside the unemployment rate and average hourly earnings. Following this, we get ISM manufacturing PMI.
Trade Idea:
• The Pound continues to under perform its peers as the economic recovery falters and Brexit uncertainty reigns.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Pound Wobbles
as Deficit Widens
Morning Report: 06.30 London
• This morning, the British Pound remains on the back foot after further bad news from Chancellor George Osborne. The UK current account deficit ballooned to -32.7bn while net lending to individuals dropped. The impact has been measured, though, as GDP came in above expectations. The Pound is under performing its peers this morning, with the EUR/GBP extending recent gains.
• Elsewhere, the US Dollar remains unchanged as traders watch from the sidelines ahead of today’s Non Farm Payrolls.
• Meanwhile, the Yen pairs are generally giving back some of their recent gains, with the likes of the USD/JPY and AUD/JPY on the back foot this morning. This comes after Japanese manufacturing figures came in below estimates this morning.
Coming up today:
• We start today with UK manufacturing PMI at 09.30, followed by the European unemployment rate at 10.00.
• Then we get the main ticket of US Non Farm Payrolls at 13.30, released alongside the unemployment rate and average hourly earnings. Following this, we get ISM manufacturing PMI.
Trade Idea:
• The Pound continues to under perform its peers as the economic recovery falters and Brexit uncertainty reigns.
A good way to play this is a HIGHER trade on the EUR/GBP predicting that it will close above 0.8000 in 14 days for a potential return of 203%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
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