Dollar Stable Ahead Of Long Weekend

Morning Report: 09.00 London

• This morning, the S&P 500 is at least stable after two days of heavy selling, while the Dollar index is on the rise again though still below Wednesday’s close.

• The USD/JPY appears to have found support in the 118.50 region, with the rest of the yen pairs generally pushing higher.
                   
                          

• The Euro continues to outperform, with the EUR/JPY up 0.18% and the EUR/GBP up 0.02%.

• The NZD/USD continues to struggle though after hitting a wall of resistance around the 0.7750 region.

• Gold continues to drop, though doesn’t yet seem over sold. 

                            
                                                                                                                                                                           
Coming up today:

• Coming up today we have UK manufacturing PMI at 09.30 released alongside net lending to individuals.

• Following this we get US ISM manufacturing PMI and revised UoM consumer sentiment.

Trade Idea:

• With a marketing friendly Conservative government of some sort gaining some traction in the UK’s tight election, there may be some value on betting on upside for the British Pound.

                            
                       
A good way to play this is a ONE TOUCH trade predicting that the GBP/ USD will touch 1.5750 at some point in the next 20 days for a potential return of 138%.

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