• This morning, the euro is on the back foot after a strong showing yesterday, especially against the British pound. UK public spending increased more than expected, questioning the economic recovery trumpeted by Chancellor Osborne.
• Despite a weaker euro, the dollar index is extending its losing run this morning, mainly due to a stronger showing for Australasian currencies.
• The Aussie and Kiwi dollar are extending their winning run, with the NZD/USD out-performing.
Coming up today:
• The UK comes under focus again, with current account and final GDP data from 09.30.
• From 13.30, we switch to North America for Canadian retail sales, released alongside US core durable goods orders.
• From 15.00, we get US new home sales and revised UoM consumer sentiment.
Trade Idea:
• The GBP/JPY has been a consistent loser this last month as traders adapt to an expected delay in increasing UK interest rates.
Today, we get current account data that could add further weakness.
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.
Euro Reverses After Day of Dominance
Morning Report: 06.30 London
• This morning, the euro is on the back foot after a strong showing yesterday, especially against the British pound. UK public spending increased more than expected, questioning the economic recovery trumpeted by Chancellor Osborne.
• Despite a weaker euro, the dollar index is extending its losing run this morning, mainly due to a stronger showing for Australasian currencies.
• The Aussie and Kiwi dollar are extending their winning run, with the NZD/USD out-performing.
Coming up today:
• The UK comes under focus again, with current account and final GDP data from 09.30.
• From 13.30, we switch to North America for Canadian retail sales, released alongside US core durable goods orders.
• From 15.00, we get US new home sales and revised UoM consumer sentiment.
Trade Idea:
• The GBP/JPY has been a consistent loser this last month as traders adapt to an expected delay in increasing UK interest rates.
Today, we get current account data that could add further weakness.
A good way to play this is a LOWER trade predicting that the GBP/JPY will close below 179.00 in 35 days for a potential return of 131%.
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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