Dollar Beats a Retreat as
China Steadies

Morning Report: 06.30 London

• This morning, markets are steady, helped by some reassurance in the form of better than expected Chinese manufacturing data and Australian building approvals. The Dollar index is set for its third negative day in a row after less than impressive US data on Friday.

• The Euro is on the rise, helped by the Chinese QI developments over the last few days.
                      

• The Yen is also on the advance as the USD/JPY retreats fully into the middle of the recent trading range.
             

• Commodity currencies have also enjoyed a resurgence, with the USD/CAD dropping heavily and the NZD/USD continuing it’s relative strength.

Coming up today:

• Coming up today we have Spanish manufacturing PMI at 08.30, followed by UK manufacturing at 09.30.

• US ISM manufacturing follows at 15.00.

Trade Idea:

• The NZD/USD continues to display signs of out-performance, out-pacing its nearest rival the Aussie and the other Dollar pairs.

A good way to play this is a HIGHER trade predicting that the NZD/USD will close above 0.6850 in 25 days time for a potential return of 165%.

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