• After a reprieve yesterday morning, pressure continues to build on the Australian and New Zealand dollars as China worries return. The Yuan reached a 20 year high against the US dollar after speculation from Chinese decision makers that there will be no direct intervention in markets.
• Overall this morning, European economic concerns are weighing on global sentiment, but China in particular is pushing the Antipodean currencies lower.
• The US dollar continues to weaken alongside the stock market, however this isn’t helping gold which is slipping of the pace.
Coming up today:
• Coming up today we have UK predlim GDP with a gain of 0.8% expected.
• From 13.30 we switch to the US with core durable goods on the cards.
Trade Idea:
• The USD/CAD is on the rise, but overall has made little traction above this point looking at the longer term picture.
• A LOWER trade could be the play here especially as the USD/CAD has under performed other dollar pairs in recent days.
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 still calling the shots
Morning Report: 08.45 London
• After a reprieve yesterday morning, pressure continues to build on the Australian and New Zealand dollars as China worries return. The Yuan reached a 20 year high against the US dollar after speculation from Chinese decision makers that there will be no direct intervention in markets.
• Overall this morning, European economic concerns are weighing on global sentiment, but China in particular is pushing the Antipodean currencies lower.
• The US dollar continues to weaken alongside the stock market, however this isn’t helping gold which is slipping of the pace.
Coming up today:
• Coming up today we have UK predlim GDP with a gain of 0.8% expected.
• From 13.30 we switch to the US with core durable goods on the cards.
Trade Idea:
• The USD/CAD is on the rise, but overall has made little traction above this point looking at the longer term picture.
• A LOWER trade could be the play here especially as the USD/CAD has under performed other dollar pairs in recent days.
A LOWER trade predicting that the USD/CAD closes below 1.0400 in 30 days could return 125% 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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