• The day is still young, yet we’ve already seen a volatile session across Asia. Chinese manufacturing data came in below estimates at 49.6, a level that in theory implies contraction.
• Commodities and commodity related currencies have been hit hard, with the AUD/JPY off by 0.79% and the AUD/USD down by 0.59%.
• Gold and silver are little moved, though this is largely down to the dollar index falling off this morning.
• This dollar weakness is having a knock on effect across other pairs, with the EUR/USD benefiting the most, up 0.45%. The USD/CAD trend has extended, while the pound’s strength continues.
Coming up today:
• Coming up today we have UK CBI realised sales.
• From 13.30 we have Canadian core retail sales and US unemployment claims.
• US existing home sales follow at 15.00.
Trade Idea:
• After a few days of positive intent, the AUD/USD down trend is back on track. This could continue for the rest of the week, making a LOWER trade attractive here.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
China Worries Spook Markets
Morning Report: 08.45 London
• The day is still young, yet we’ve already seen a volatile session across Asia. Chinese manufacturing data came in below estimates at 49.6, a level that in theory implies contraction.
• Commodities and commodity related currencies have been hit hard, with the AUD/JPY off by 0.79% and the AUD/USD down by 0.59%.
• This dollar weakness is having a knock on effect across other pairs, with the EUR/USD benefiting the most, up 0.45%. The USD/CAD trend has extended, while the pound’s strength continues.
Coming up today:
• Coming up today we have UK CBI realised sales.
• From 13.30 we have Canadian core retail sales and US unemployment claims.
• US existing home sales follow at 15.00.
Trade Idea:
• After a few days of positive intent, the AUD/USD down trend is back on track. This could continue for the rest of the week, making a LOWER trade attractive here.
A LOWER trade predicting that the AUD/USD closes below 0.8780 at Friday’s close could return 120%.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
Summary:
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