• This morning, commodities are continuing their recent sell off, dragging commodity related currencies with them. The Australian dollar is down 0.73% against the US dollar and 0.60% against the yen. Meanwhile, the NZD/USD is down 0.26% and the USD/CAD up 0.19%.
• Silver is the big mover, hitting a new five year low. Gold is also selling off after Swiss voters rejected a proposal for the Swiss Central Bank to hold 20% of its reserves as gold.
• The USD/JPY is holding at the highs, just as the dollar index holds at the same region.
• The S&P 500 is dropping lower for the third day in a row however, with China growth concerns weighing on the index.
Coming up today: • Coming up today we have UK manufacturing PMI at 09.30, alongside net lending to individuals.
• Then at 15.00, we have US ISM manufacturing PMI.
Trade Idea:
• The AUD/USD has caught the commodity cold and often this pair can have trends that run and run.
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.
Commodity Rout Continues
Morning Report: 7.15 London
• This morning, commodities are continuing their recent sell off, dragging commodity related currencies with them. The Australian dollar is down 0.73% against the US dollar and 0.60% against the yen. Meanwhile, the NZD/USD is down 0.26% and the USD/CAD up 0.19%.
• Silver is the big mover, hitting a new five year low. Gold is also selling off after Swiss voters rejected a proposal for the Swiss Central Bank to hold 20% of its reserves as gold.
• The USD/JPY is holding at the highs, just as the dollar index holds at the same region.
• The S&P 500 is dropping lower for the third day in a row however, with China growth concerns weighing on the index.
Coming up today:
• Coming up today we have UK manufacturing PMI at 09.30, alongside net lending to individuals.
• Then at 15.00, we have US ISM manufacturing PMI.
Trade Idea:
• The AUD/USD has caught the commodity cold and often this pair can have trends that run and run.
A good way to play this is a LOWER trade predicting that the AUD/USD will close below 0.8425 in 10 days time. This could return 110% if successful.
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.
Summary:
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