• Markets are on the back foot right now as investors switch into safe harbours and drop riskier assets, especially emerging market currencies. The Turkish Lira hit a record low, while the Argentine Peso came under pressure. Worries over China’s economy have generally hit home, with the S&P 500 suffering large falls yesterday, alongside a major sell off in the US dollar.
• This morning, its the China related pairs that are feeling the heat, with the AUD/JPY down by 0.93% and the AUD/USD by 0.78%.
• Likewise gold is off by 0.47%, with silver down by 0.25%. The yen pairs are generally quieter after the USD/JPY came in for some heavy selling yesterday.
Coming up today:
• Coming up today we have the latest BBA mortgage approvals at 09.30, followed a speech from BOW governor Carney at 12.05.
• Canadian core CPI follows at 13.30.
• From 14.00, we have Belgian NBB business climate followed by a speech from ECB president Draghi at 17.00.
Trade Idea:
• The AUD/USD has been tumbling heavily, but the closely correlated NZD/USD has so far failed to match the selling pressure. The NZD/USD out performance is unlikely to continue, so a LOWER trade could be the best bet 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.
Emerging Market Jitters Hit Home
Morning Report: 08.45 London
• Markets are on the back foot right now as investors switch into safe harbours and drop riskier assets, especially emerging market currencies. The Turkish Lira hit a record low, while the Argentine Peso came under pressure. Worries over China’s economy have generally hit home, with the S&P 500 suffering large falls yesterday, alongside a major sell off in the US dollar.
• This morning, its the China related pairs that are feeling the heat, with the AUD/JPY down by 0.93% and the AUD/USD by 0.78%.
• Likewise gold is off by 0.47%, with silver down by 0.25%. The yen pairs are generally quieter after the USD/JPY came in for some heavy selling yesterday.
Coming up today:
• Coming up today we have the latest BBA mortgage approvals at 09.30, followed a speech from BOW governor Carney at 12.05.
• Canadian core CPI follows at 13.30.
• From 14.00, we have Belgian NBB business climate followed by a speech from ECB president Draghi at 17.00.
Trade Idea:
• The AUD/USD has been tumbling heavily, but the closely correlated NZD/USD has so far failed to match the selling pressure. The NZD/USD out performance is unlikely to continue, so a LOWER trade could be the best bet here.
A LOWER trade predicting that the NZD/USD closes below 0.8225 in 3 days time for a potential return of 162%.
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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