• This morning, the dollar index continues to rally off the lows after strong building permits data. The dollar index is now back above its 14 day moving average for the first time since the beginning of April.
• At the same time, the euro has continued to reverse as Greek concerns mount. The EUR/USD is falling back, but significantly so too is the EUR/GBP despite the UK entering deflation (just) going by yesterday’s figures.
• On a similar vein, the USD/JPY is on the rise, helping to lift all the yen pairs with the notable exception of the EUR/JPY.
• Gold reversed heavily yesterday, with the selling pressure continuing this morning.
Coming up today:
• Coming up today we have UK MPC official bank rate voting patterns with no surprises expected.
• Following this we have Canadian wholesale sales at 13.30.
• This is followed by the release of the minutes from the last FOMC meeting at 19.00. Trade Idea:
• Is the dollar back? The dollar may be experiencing a short term run of form, but we are some way from seeing the Teflon qualities we saw during the sustained bull run until April.
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.
Dollar Rallies On Building Data
Morning Report: 09.00 London
• This morning, the dollar index continues to rally off the lows after strong building permits data. The dollar index is now back above its 14 day moving average for the first time since the beginning of April.
• At the same time, the euro has continued to reverse as Greek concerns mount. The EUR/USD is falling back, but significantly so too is the EUR/GBP despite the UK entering deflation (just) going by yesterday’s figures.
• On a similar vein, the USD/JPY is on the rise, helping to lift all the yen pairs with the notable exception of the EUR/JPY.
• Gold reversed heavily yesterday, with the selling pressure continuing this morning.
Coming up today:
• Coming up today we have UK MPC official bank rate voting patterns with no surprises expected.
• Following this we have Canadian wholesale sales at 13.30.
• This is followed by the release of the minutes from the last FOMC meeting at 19.00.
Trade Idea:
• Is the dollar back? The dollar may be experiencing a short term run of form, but we are some way from seeing the Teflon qualities we saw during the sustained bull run until April.
• The USD/JPY is poised for an upside breakout, but given the tight trading range we’ve seen recently we could see a reversal from here.
A good way to play this is a LOWER trade predicting that the USD/JPY will close below 120.75 in 7 days time for a potential return of 112%.
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.
Summary:
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