Dollar Dances Its Own Tune

Morning Report: 09.00 London

• This morning, the dollar index has continued it’s ascent, with knock on effects across currency pairs.                                                                                                             

                                                                                                                                                                                                                  
• The USD/CAD and USD/JPY are nudging higher.

                               
• While the EUR/USD and GBP/USD are slipping lower, while the AUD/USD continues  fall back from support.
           
                               

                               

• Gold and silver are slightly higher, but their down trends remain intact.

                               


Coming up today:

• Coming up today we have US ADP non farm employment change at 13.15.

• This is followed by Canadian RMPI at 13.30 and US advanced GDP at the same time.

• The big ticket is the Fed statement at 19.00.


Trade Idea:

• The 19.00 Fed statement makes today’s predictions something of as lottery, but there’s no denying the strength of the current dollar trend. Medium term, this could translate into further downside for the EUR/USD.

A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.3400 in 14 days time. This could return 100% if successful.

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