• This morning, commodities continue to struggle after Chinese PMI came in below expectations. Gold is on the back foot and testing the Monday lows. At the same time, oil continues to sit below the $50 marker.
• Commodity heavy and China linked currencies such as the Australian dollar are struggling to make headway in this environment.
• The NZD/USD is slipping lower in sympathy.
• Meanwhile, the dollar index is holding its position of strength, while stock markets hold back from the highs.
Coming up today:
• Coming up today, we have German flash manufacturing at 08.30, followed by European data at 09.00.
• US flash manufacturing data follows at 14.45, with new home sales released at 15.00.
Trade Idea:
Even if commodity prices were to recovery in the short term, the longer term damage to the Australian dollar is already plain to see. Until we see a sustained recovery in oil prices, we’re unlikely to see any positive movement in the Aussie.
Added to this equation is the fact that the US dollar is once again dominating currency movements with a rate hike fast approaching. Even if the Australian economy found a stable footing, the strength of the US dollar could still ensure further downside for the AUD/USD pairing.
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.
Greece Passes Debt Vote – Markets Yawn
Morning Report: 07.00 London
• This morning, commodities continue to struggle after Chinese PMI came in below expectations. Gold is on the back foot and testing the Monday lows. At the same time, oil continues to sit below the $50 marker.
• Commodity heavy and China linked currencies such as the Australian dollar are struggling to make headway in this environment.
• The NZD/USD is slipping lower in sympathy.
• Meanwhile, the dollar index is holding its position of strength, while stock markets hold back from the highs.
Coming up today:
• Coming up today, we have German flash manufacturing at 08.30, followed by European data at 09.00.
• US flash manufacturing data follows at 14.45, with new home sales released at 15.00.
Trade Idea:
Even if commodity prices were to recovery in the short term, the longer term damage to the Australian dollar is already plain to see. Until we see a sustained recovery in oil prices, we’re unlikely to see any positive movement in the Aussie.
Added to this equation is the fact that the US dollar is once again dominating currency movements with a rate hike fast approaching. Even if the Australian economy found a stable footing, the strength of the US dollar could still ensure further downside for the AUD/USD pairing.
A good way to play this is a LOWER trade on the AUD/USD predicting that the pair will close below 0.7200 in 28 days time for a potential return of 168%. Or put another way, betting that the AUD/USD will close below 0.7200 on August 21st could return £26.77 for every £10 put at risk.
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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