• China continues to exert a powerful influence on the global stage, not least the Australian and New Zealand dollars which are increasingly becoming a proxy for Chinese economic prospects. With its mining boom (and slowdown) linked to the state of the Chinese economy, the Aussie appears to be trading at the whim of the latest data release from the far East. Thankfully this morning, the news was good as Chinese Flash manufacturing PMI came in above estimates, with new orders lifting to a seven month high.
• The AUD/ JPY is the big mover, up 0.49%, with the AUD/ USD up 0.44%. •Gold is performing well thanks to renewed market confidence and the weakening US dollar.
• The euro was out pacing is European cousins, with a strong upside trend, but this morning’s below part economic data has reversed the day’s early strength.
Coming up today:
• Coming up today we have Europe wide Flash manufacturing PMI at 09.00.
• UK CBI industrial order expectations follow at 11.00.
•The US trade balance is released at 13.30, with new home sales out at 15.00.
•BOE Gov Carney speaks at 17.45.
Trade Idea:
• Gold is pushing higher again this morning, which provides another chance to take on the recent mini rally.
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.
Aussie rallies as China proxy
Morning Report: 08.45 London
• China continues to exert a powerful influence on the global stage, not least the Australian and New Zealand dollars which are increasingly becoming a proxy for Chinese economic prospects. With its mining boom (and slowdown) linked to the state of the Chinese economy, the Aussie appears to be trading at the whim of the latest data release from the far East. Thankfully this morning, the news was good as Chinese Flash manufacturing PMI came in above estimates, with new orders lifting to a seven month high.
• The AUD/ JPY is the big mover, up 0.49%, with the AUD/ USD up 0.44%.
• Gold is performing well thanks to renewed market confidence and the weakening US dollar.
• The euro was out pacing is European cousins, with a strong upside trend, but this morning’s below part economic data has reversed the day’s early strength.
Coming up today:
• Coming up today we have Europe wide Flash manufacturing PMI at 09.00.
• UK CBI industrial order expectations follow at 11.00.
• The US trade balance is released at 13.30, with new home sales out at 15.00.
• BOE Gov Carney speaks at 17.45.
Trade Idea:
• Gold is pushing higher again this morning, which provides another chance to take on the recent mini rally.
A LOWER trade predicting that Gold will close below $1325 in 5 days time could return 179% if successful.
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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