Dollar Extends Retreat

Morning Report: 07.00 London

• This morning, the dollar index is continuing its retreat, while the S&P 500 extends yesterday’s pullback.

• The dollar’s struggle is helping the dollar pairs to push higher. The AUD/USD is leading the charge, up 0.23%, with the AUD/JPY up 0.15%. The NZD/USD is also climbing up 0.13%.
                    
                          

• Elsewhere, the euro continues to lag the pound, with the GBP/USD up 0.19% and the EUR/USD up just 0.12%.

• Meanwhile gold continues to climb after yesterday’s spike higher.

                           
                                                                                                                                                                                                        
Coming up today:

• Coming up today we have UK preliminary GDP Q/Q with a slight dip to +0.5% expected.

• Following this we have BOC governor Poloz speaking at 13.45.

• Then at 15.00 we get US CB Consumer Confidence.

Trade Idea:

• The AUD/USD is enjoying a mini boom since the mid April funk and this could continue if the dollar continues to dally.

                           
                       
A good way to play this is a HIGHER trade predicting that the AUD/USD will close above 0.7900 in 7 days time for a potential return of 108%.

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Summary: