• This morning, markets appear to be riding out any fallout from poor Chinese economic data in the small hours. Manufacturing PMI dropped more than expected, balanced slightly by better than expected non-manufacturing PMI. The Australian and New Zealand Dollars are riding this news well however after Beijing moved to inject cash its banking system. The RBA also opted to keep rates on hold against an outside chance of a cut.
• The US Dollar is mixed this morning, with the Dollar index mixed and the USD/JPY on the rise.
• After heavy selling yesterday, the Euro is still looking shaky with small gains for the EUR/JPY, but small losses for the EUR/GBP.
• Oil prices pushed higher again though yesterday.
Coming up today:
• Today we have Spanish Manufacturing PMI at 08.15.
• This is followed by German unemployment change at 08.55.
• UK manufacturing PMI is released at 09.30.
• Then from 10.00 we get the latest European unemployment rate.
• Canadian GDP follows at 13.30, with US ISM manufacturing PMI at 15.00.
Trade Idea:
• The Euro continues to come off the boil, not helped by yesterday’s CPI figures. The EUR/JPY looks vulnerable, especially after yesterday’s sell-off.
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.
Markets Ride Out
Poor Chinese Data
Morning Report: 06.30 London
• This morning, markets appear to be riding out any fallout from poor Chinese economic data in the small hours. Manufacturing PMI dropped more than expected, balanced slightly by better than expected non-manufacturing PMI. The Australian and New Zealand Dollars are riding this news well however after Beijing moved to inject cash its banking system. The RBA also opted to keep rates on hold against an outside chance of a cut.
• The US Dollar is mixed this morning, with the Dollar index mixed and the USD/JPY on the rise.
• After heavy selling yesterday, the Euro is still looking shaky with small gains for the EUR/JPY, but small losses for the EUR/GBP.
• Oil prices pushed higher again though yesterday.
Coming up today:
• Today we have Spanish Manufacturing PMI at 08.15.
• This is followed by German unemployment change at 08.55.
• UK manufacturing PMI is released at 09.30.
• Then from 10.00 we get the latest European unemployment rate.
• Canadian GDP follows at 13.30, with US ISM manufacturing PMI at 15.00.
Trade Idea:
• The Euro continues to come off the boil, not helped by yesterday’s CPI figures. The EUR/JPY looks vulnerable, especially after yesterday’s sell-off.
A good way to play this is a LOWER trade predicting that the EUR/JPY will close below 122.00 in 14 days for a potential return of 136%.
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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