• After taking a hammering in yesterday’s afternoon/ evening sessions, the euro is once again under pressure this morning as traders price in a 0.25bp rate cut in November.
• The EUR/ JPY is off by 0.61%, the EUR/ USD off 0.44% and the EUR/ GBP down by 0.12%.
•The pound appears to have caught the same cold this morning however, with the GBP/ JPY off by 0.50%.
• On the other side of the world, the New Zealand dollar is performing well alongside its Australian cousin after strong Chinese data.
Coming up today:
• This morning we have UK manufacturing PMI at 09.30.
• From 13.00 we switch to the US with FOMC member Bullard speaking, followed by ISM Manufacturing at 14.00.
Trade Idea:
• While speculation continues on the ECB’s next move, it might be the case that all the speculation is now in the price. For the next few days therefore we could see a stabilisation in the pair.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
Euro weakness continues as rate cut looms
Morning Report: 08.45 London
• After taking a hammering in yesterday’s afternoon/ evening sessions, the euro is once again under pressure this morning as traders price in a 0.25bp rate cut in November.
• The EUR/ JPY is off by 0.61%, the EUR/ USD off 0.44% and the EUR/ GBP down by 0.12%.
• The pound appears to have caught the same cold this morning however, with the GBP/ JPY off by 0.50%.
• On the other side of the world, the New Zealand dollar is performing well alongside its Australian cousin after strong Chinese data.
Coming up today:
• This morning we have UK manufacturing PMI at 09.30.
• From 13.00 we switch to the US with FOMC member Bullard speaking, followed by ISM Manufacturing at 14.00.
Trade Idea:
• While speculation continues on the ECB’s next move, it might be the case that all the speculation is now in the price. For the next few days therefore we could see a stabilisation in the pair.
• An In/ Out trade could be the best way to play this. An IN/ OUT trade predicting that the EUR/ USD closes between 1.3625 and 1.3475 in 5 days time could return 104% if successful.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
Summary:
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