Dollar Backs Off

Morning Report: 09.00 London

• This morning, the US dollar is backing off further from the highs, as is the S&P 500 which is currently trading below the headline making 2000 level.                                                                                                             

                               
                                                                                                                                                                   
                               

• This dollar weakness is helping precious metals to rebound, with gold and silver the main movers this morning.

                               
     
                               

• The Australian dollar is also pushing higher, helped by better than expected Private Capital Expenditure figures.

                               

• The NZD/USD is also rising in line with the Aussie.

                                                    
                                           
Coming up today:

• Coming up today we have UK CBI realised sales at 11.00.

• This is followed by Canadian current account data, US prelim GDP and unemployment claims.

• US pending home sales follow at 15.00.


Trade Idea:

• The AUD/JPY has been showing some impressive momentum despite a stronger yen in the past couple of days.

• There could be further upside from here, making a HIGHER trade attractive.

A HIGHER trade predicting that the AUD/JPY will close above 97.50 in 5 days time could return 247% if successful.

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Summary: