• This morning, the US dollar index is rallying back towards the highs as China cuts rates for the second time in three months. Stock markets are nudging higher across the world.
• The move sparked an equity rally across the Asia Pacific, but it has not been kind for regional currencies such as the AUD/USD and NZD/USD which have slipped again on the prospect of lower rates in their own countries.
• Gold is continuing a counter trend rally, despite the strong dollar.
• Elsewhere, the euro is reversing some of its recent down trend, with the EUR/GBP rallying this morning after poor UK Nationwide HPI data.
Coming up today: • Coming up today we have UK manufacturing PMI at 09.30, with net lending to individuals released at the same time.
• Following this we have European CPI flash estimate and the unemployment rate.
• Canadian current account data follows at 13.30, with US personal spending data due at 13.30.
• US ISM manufacturing PMI completes the day at 15.00.
Trade Idea:
• The AUD/USD continues to under perform its peers, not helped by China’s rate cut.
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.
Dollar Rallies On China Rate Cut
Morning Report: 06.30 London
• This morning, the US dollar index is rallying back towards the highs as China cuts rates for the second time in three months. Stock markets are nudging higher across the world.
• The move sparked an equity rally across the Asia Pacific, but it has not been kind for regional currencies such as the AUD/USD and NZD/USD which have slipped again on the prospect of lower rates in their own countries.
• Gold is continuing a counter trend rally, despite the strong dollar.
• Elsewhere, the euro is reversing some of its recent down trend, with the EUR/GBP rallying this morning after poor UK Nationwide HPI data.
Coming up today:
• Coming up today we have UK manufacturing PMI at 09.30, with net lending to individuals released at the same time.
• Following this we have European CPI flash estimate and the unemployment rate.
• Canadian current account data follows at 13.30, with US personal spending data due at 13.30.
• US ISM manufacturing PMI completes the day at 15.00.
Trade Idea:
• The AUD/USD continues to under perform its peers, not helped by China’s rate cut.
There could be more downside to come, with a LOWER trade predicting that the AUD/USD will close below 0.7725 in 7 days time for a potential return of 150%.
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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