• This morning, the S&P 500 is up slightly though general trading remains rather murky and direction less. The US dollar is certainly sure of its direction and that is up! The dollar index continues to dominate currencies flows, with the main dollar pairs trading lower.
• The Australian dollar is under particular pressure again after below expectation retail sales raise the prospect of a rate cut in the near future. The New Zealand dollar is trading lower in sympathy.
• Elsewhere, they euro continues to struggle, with continued under performance against the British pound.
• The USD/JPY is also following the path of least resistance and climbing ever higher.
Coming up today:
• Coming up today we have UK manufacturing PMI at 09.30.
• This is followed by US ADP non farm employment change at 13.15 and ISM manufacturing at 15.00
Trade Idea:
It’s almost impossible to fight the tape at the moment and this could mean more upside for the USD/JPY form here.
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. Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Fixed odds trading may incur losses as well as gains. Summary:
Retail Sales Hint at Aussie Rate Cut
Morning Report: 09.00 London
• This morning, the S&P 500 is up slightly though general trading remains rather murky and direction less. The US dollar is certainly sure of its direction and that is up! The dollar index continues to dominate currencies flows, with the main dollar pairs trading lower.
• The Australian dollar is under particular pressure again after below expectation retail sales raise the prospect of a rate cut in the near future. The New Zealand dollar is trading lower in sympathy.
• Elsewhere, they euro continues to struggle, with continued under performance against the British pound.
• The USD/JPY is also following the path of least resistance and climbing ever higher.
Coming up today:
• Coming up today we have UK manufacturing PMI at 09.30.
• This is followed by US ADP non farm employment change at 13.15 and ISM manufacturing at 15.00
Trade Idea:
It’s almost impossible to fight the tape at the moment and this could mean more upside for the USD/JPY form here.
A good way to play this is a HIGHER trade predicting that the USD/JPY will close above 110.25 in 7 days time for a potential return of 133%.
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. Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Fixed odds trading may incur losses as well as gains.
Summary:
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