• This morning, the dollar index is extending its recent losses, firmly breaking the previous support of the 14 day moving average. This comes as interest rate hike expectations shift even further into the future.
• The main dollar pairs are on the rise, benefitting from dollar malaise. The GBP/USD is up 0.37%, with the EUR/USD up 0.24%.
• The USD/CAD is extending its streak lower.
• The yen pairs are pushing even higher, with the GBP/JPY up 0.45% and the EUR/JPY up 0.33%.
• Gold is nipping back after two days of hefty gains.
• Meanwhile the S&P 500 continues to flirt with record highs.
Coming up today:
• Starting today we have European M3 money supply released alongside private loans data.
• From midday we get advance US GDP Q/Q at 13.30, followed by pending home sales at 15.00 and crude oil inventories at 15.30.
• Then at 19.00, we get the day’s big ticket – the FOMC statement.
• The RBNZ statement follows at 22.00 tonight. Trade Idea:
• Today we get a big test for the dollar’s retreat with the release of the latest FOMC minutes. The dollar pairs are on a strong rally and a dovish tone today could see an extension of this run.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Pound Shrugs Off Election Uncertainty
Morning Report: 07.00 London
• This morning, the dollar index is extending its recent losses, firmly breaking the previous support of the 14 day moving average. This comes as interest rate hike expectations shift even further into the future.
• The main dollar pairs are on the rise, benefitting from dollar malaise. The GBP/USD is up 0.37%, with the EUR/USD up 0.24%.
• The USD/CAD is extending its streak lower.
• The yen pairs are pushing even higher, with the GBP/JPY up 0.45% and the EUR/JPY up 0.33%.
• Gold is nipping back after two days of hefty gains.
• Meanwhile the S&P 500 continues to flirt with record highs.
Coming up today:
• Starting today we have European M3 money supply released alongside private loans data.
• From midday we get advance US GDP Q/Q at 13.30, followed by pending home sales at 15.00 and crude oil inventories at 15.30.
• Then at 19.00, we get the day’s big ticket – the FOMC statement.
• The RBNZ statement follows at 22.00 tonight.
Trade Idea:
• Today we get a big test for the dollar’s retreat with the release of the latest FOMC minutes. The dollar pairs are on a strong rally and a dovish tone today could see an extension of this run.
A good way to play this is on the GBP/USD, with a HIGHER trade predicting that the pair will close above 1.5450 in 7 days time for a potential return of 125%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Summary:
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