• There were further signs of the US economy stumbling yesterday as existing home sales and the Philly Fed manufacturing index both came in below estimates. The data is poor enough to push the proposed US rate hike further into the future, but not yet so poor enough for stock markets to take fright. The S&P 500 broke to a new record closing high while the dollar index nipped back towards the 14 day average.
• Elsewhere, the NZD/USD is leading the dollar pairs higher, with the AUD/USD not far behind.
• The euro is enjoying a strong start to the morning as Greek negotiations rumble on.
• The pound out performed yesterday, especially against the euro on the back of strong retail sales, but we’re seeing a reversal of some of this move this morning.
• Then yen pairs are mixed owing to a reversal in the USD/JPY.
Coming up today:
• Coming up today we have UK retail sales at ECB president Draghi speaking at 09.00 released alongside German Ifo business climate.
• UK public sector borrowing figures get released at 09.30, followed by BOE Carney speaking at 12.00.
• US and Canadian inflation are in focus at 13.30 with CPI data for both counties released alongside Candian retail sales.
• From 14.30 have the ECB discussion panel featuring ECB president Draghi, BOE governor Carney and BOJ chair Kuroda.
• Fed chairperson Yellen speaks at 18.00. Trade Idea:
• The USD/JPY is continuing to back off after a range break and there could be more downside from here as the US economy continues to cool.
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 Dips as Economy Falters
Morning Report: 09.00 London
• There were further signs of the US economy stumbling yesterday as existing home sales and the Philly Fed manufacturing index both came in below estimates. The data is poor enough to push the proposed US rate hike further into the future, but not yet so poor enough for stock markets to take fright. The S&P 500 broke to a new record closing high while the dollar index nipped back towards the 14 day average.
• Elsewhere, the NZD/USD is leading the dollar pairs higher, with the AUD/USD not far behind.
• The euro is enjoying a strong start to the morning as Greek negotiations rumble on.
• The pound out performed yesterday, especially against the euro on the back of strong retail sales, but we’re seeing a reversal of some of this move this morning.
• Then yen pairs are mixed owing to a reversal in the USD/JPY.
Coming up today:
• Coming up today we have UK retail sales at ECB president Draghi speaking at 09.00 released alongside German Ifo business climate.
• UK public sector borrowing figures get released at 09.30, followed by BOE Carney speaking at 12.00.
• US and Canadian inflation are in focus at 13.30 with CPI data for both counties released alongside Candian retail sales.
• From 14.30 have the ECB discussion panel featuring ECB president Draghi, BOE governor Carney and BOJ chair Kuroda.
• Fed chairperson Yellen speaks at 18.00.
Trade Idea:
• The USD/JPY is continuing to back off after a range break and there could be more downside from here as the US economy continues to cool.
A good way to play this is a LOWER trade predicting that the USD/JPY closes below 120.50 in 7 days time for a potential return of 110%.
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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