Markets Hold Highs As Chinese Data Squeezes In

Morning Report: 09.00 London

• This morning, markets are holding at the highs despite Chinese Manufacturing PMI just about squeezing in at an acceptable level.                                                                                                        

                               
                                                                                                                                                                   
• The dollar index is testing new highs, while the S&P 500 holds at the highs.

     • The NZD/USD is out-performing despite just about acceptable Chinese data.

                               

 • The pound is the big mover this morning, with the GBP/JPY and GBP/USD up 0.23% and 0.18%.

• The EUR/GBP is down 0.18% after Spanish manufacturing PMI came in well below estimates.

                               
       
                                                                                  
Coming up today:

• Coming up today we have UK manufacturing PMI at  09.30, with net lending to individuals released at the same time.

• It is a Canadian and US bank holiday so volume may be thinner through the afternoon.

Trade Idea:

• The pound is showing signs of out performance, with the GBP/JPY rising thanks to a weak yen.

A good way to play this is a HIGHER trade predicting that the GBP/JPY will close above 173.50 in 4 days time for a potential return of 120%

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Summary: