• It says something of the current environment when poor GDP data is cause for some celebration, but this seems to be the case this morning with the Australian dollar. Given the turmoil of recent weeks and its reliance on China, the Australian dollar has been hit hard, with many analysts calling for more activity from the RBA. However, the fact is that Australia is no longer dancing to its own tune. Today’s movement is primarily down to a stabilisation in China as this is seen as more important than anything the Reserve Bank of Australia can apply directly.
• This morning we’re seeing some support for the Aussie and New Zealand dollar after heavy selling yesterday.
• Elsewhere, USD/JPY is on the rise after acting as a mirror for the world’s mood. The Dollar index is holding up well.
• Meanwhile, the euro is slipping back after recovering yesterday.
Coming up today:
• Coming up today, we UK Construction PMI at 09.30.
• This is followed by US ADP non farm payroll data.
Trade Idea:
• The Aussie might be rising today, but recent market activity has shown it to be too reliant on China and the PBOC. This does not bode well and there is further downside potential from here.
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.
Aussie Boosted by Poor GDP Data
Morning Report: 07.00 London
• It says something of the current environment when poor GDP data is cause for some celebration, but this seems to be the case this morning with the Australian dollar. Given the turmoil of recent weeks and its reliance on China, the Australian dollar has been hit hard, with many analysts calling for more activity from the RBA. However, the fact is that Australia is no longer dancing to its own tune. Today’s movement is primarily down to a stabilisation in China as this is seen as more important than anything the Reserve Bank of Australia can apply directly.
• This morning we’re seeing some support for the Aussie and New Zealand dollar after heavy selling yesterday.
• Elsewhere, USD/JPY is on the rise after acting as a mirror for the world’s mood. The Dollar index is holding up well.
• Meanwhile, the euro is slipping back after recovering yesterday.
Coming up today:
• Coming up today, we UK Construction PMI at 09.30.
• This is followed by US ADP non farm payroll data.
Trade Idea:
• The Aussie might be rising today, but recent market activity has shown it to be too reliant on China and the PBOC. This does not bode well and there is further downside potential from here.
A good way to play this is a LOWER trade predicting that the AUD/USD will close below 0.7000in 35 days time for a potential return of 117%.
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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