Chinese Currency Slumps For Sixth Straight Day


Morning Report: 08.45 London

• This morning, China is under renewed pressure as its currency slides for the sixth straight day. The move is putting pressure on commodities and commodity related currencies.

• Silver is down 0.77%, while the gold is off by 0.18%.
 

• The Aussie dollar is also slipping lower, with the AUD/JPY down 0.50% and the AUD/USD 0.29%.

• Stock markets are pausing at the highs, while the dollar index continues to slip lower.


• This dollar weakness is helping the USD/JPY to struggle at resistance once again.

                             


Coming up today:

• Coming up today we have UK BBA mortgage approvals and CBI realised Sales at 09.30 and 11.00 respectively.

• From 14.00, we switch to the US with the latest S&P composite figures followed by US CB consumer confidence at 15.00.

Trade Idea:

• For some time, the AUD/USD has been something of a China proxy so it’s no surprise to see the pair slipping again this morning.


• Yesterday saw a spike higher but this could be a false dawn as the pair continues to head lower. 

A LOWER trade predicting that the AUD/USD closes below 0.8950 in 6 days could return 223% if successful.

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

Summary: