Aussie Slips As Home Sales Falter

Morning Report: 08.45 London

• This morning, markets have a positive bias with the exception of the Australian dollar which is is slipping back so far.
 

• The AUD/USD is off 0.28%, while the AUD/JPY drops 0.27% after Australian home sales dropped more than expected.


                               

• The NZD/USD is the worst performing currency so far though, down 0.48% after the ANZ business confidence report continued its steady decline.

• Elsewhere, the British pound continues to decline as the great UK interest rate debate swings back towards the lower rate projection end of the spectrum.

                               
                             
Coming up today:

• Coming up today we have European CPI flash estimate at 10.00.

• Following this we have Canadian GDP data at 13.30 and US Chicago PMI at 14.45. US pending home sales are released at 15.00.

Trade Idea:

• The British pound is suffering this morning, allowing the EUR/GBP to push higher. While UK and Europe now seem to be on two different interest rate trajectories, there could be room for some EUR/ GBP upside while policy makers jawbone about the future.

                               

A good way to play this is a HIGHER trade predicting that the EUR/GBP closes above 0.8050 in 4 days time for a potential return of 184%.

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

Summary: