Strong US Data Fails to Lift Dollar

Morning Report: 06.15 London

• The day after Thanksgiving traditionally has a positive bias, but so far markets are as sluggish with many markets participants taking an extended break. The US dollar index has moved higher over night, but is so far unmoved today.
                       

• The USD/JPY has a slight negative edge, as the US dollar nears its first rate hike for years next month.

• Elsewhere, the Australian dollar is on the rise after gapping lower on the open.
                        

Coming up today:

• Coming up today we have Spanish flash CPI at 08.00.

• This is followed by second estimate GDP at 09.30, with prelim business investment released at the same time.

Trade Idea:

• The GBP/JPY continues to suffer as the weak pound meets the strengthening yen.
                      

There is further downside potential here as the Bank of England continues to hedge its bets on a potential rate hike.

A good way to play this is a LOWER trade predicting that the GBP/JPY will close below 184.00 in 20 days time for a potential return of 141%.

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