• This morning, the Australian dollar is bidding higher after Chinese manufacturing data reassured markets that the world’s growth engine had not spluttered to a halt. There are some who think that official Chinese economic data is about as trustworthy as VW emissions tests, but the results have still reassured traders who have taken positions on the commodity heavy Australian dollar. Perhaps a bigger test is Australia’s own data which cannot be fudged. For now though, the Aussie is rallying after days of pressure.
• The NZD/USD is rallying in sympathy.
• The British pound is performing well after an upwards revision to previous GDP data that makes the UK’s economic recovery better than previously expected.
• Gold continues to fall back as last week’s surge proves short lived.
Coming up today:
• We have another packed day today, with UK manufacturing at 09.30.
• This is followed by US unemployment claims at 13.30. US ISM manufacturing follows at 15.00.
Trade Idea:
• The British pound is still on a wholly different orbit to the euro and the recent positive GDP revision will only increase the pressure on the MPC to increase rates sooner rather than later.
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.
China Data Soothes Markets
Morning Report: 06.45 London
• This morning, the Australian dollar is bidding higher after Chinese manufacturing data reassured markets that the world’s growth engine had not spluttered to a halt. There are some who think that official Chinese economic data is about as trustworthy as VW emissions tests, but the results have still reassured traders who have taken positions on the commodity heavy Australian dollar. Perhaps a bigger test is Australia’s own data which cannot be fudged. For now though, the Aussie is rallying after days of pressure.
• The NZD/USD is rallying in sympathy.
• The British pound is performing well after an upwards revision to previous GDP data that makes the UK’s economic recovery better than previously expected.
• Gold continues to fall back as last week’s surge proves short lived.
Coming up today:
• We have another packed day today, with UK manufacturing at 09.30.
• This is followed by US unemployment claims at 13.30. US ISM manufacturing follows at 15.00.
Trade Idea:
• The British pound is still on a wholly different orbit to the euro and the recent positive GDP revision will only increase the pressure on the MPC to increase rates sooner rather than later.
A good way to play this is a LOWER trade on the EUR/GBP predicting that the EUR/GBP will close below 0.7300 in 35 days time for a potential return of 163%.
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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