ECB Fires Up The Big Guns

Morning Report: 06.30 London

• This morning, the Euro is steady after huge losses on the back of ECB president Mario Draghi opened stated that all options are open to help the Eurzone recover. An extension of the Quantitative Easing program was expected, but a potential cut in the deposit rate came as a surprise.
                     

• The Dollar index shot higher as its biggest counter party the Euro slunk lower.             

• On a similar theme, the USD/JPY jumped higher after days of small gains.

Coming up today:

• Coming up today we have French flash manufacturing & services PMI at 08.00. Corresponding German data follows at 08.30, with pan European data at 09.00.

• Canadian core CPI follows at 13.30.

Trade Idea:

• Recently, the NZD/USD has defied the strong dollar to post gains yesterday and this morning.

• This hints at an underlying strength, with the Kiwi continuing to outpace its larger neighbour.

A good way to play this situation is a HIGHER trade predicting that the NZD/USD will close above 0.6900 in 14 days for a potential return of 152%.

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