Dollar Slips as S&P 500 Hits 2000

Morning Report: 09.00 London

• Markets are pausing this morning as the S&P 500 sits right on the 2000 level. At the same time, the dollar index is peeling back.                                                                                                             

                               
                                                                                                                                                                   
                               

• The dollar index weakness is helping the main dollar pairs to recover recent losses, notably the USD/CAD which is down 0.55%.

• The Australasian pairs are going well, with the NZD/USD and AUD/USD off by 0.47% and 0.22%.
       
                               

                               

• Gold and silver are also on the rise as the dollar pressure eases.


                               

                                                    
                                           
Coming up today:

• Coming up today we have US crude oil inventories at 15.30.


Trade Idea:

• Today’s dollar weakness may just give the EUR/USD some breathing space, but this isn’t also true for the EUR/JPY. Any dollar weakness could translate into yen strength which will translate into further downside for the EUR/JPY.

A good way to play this is a LOWER trade predicting that the EUR/JPY will close below 136.75 level in 5 days time for a potential return of 160%.

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