Dollar Dips On Yellen Outlook

Morning Report: 06.30 London

• This morning, the US Dollar is continuing its decline inspired by comments from Fed Chair Janet Yellen last night. The bulk of this morning’s move appears to be driven by backing for the Yen, with the bulk of the Dollar damage done yesterday.

• Dollar pairs are generally holding the ground made after yesterday’s US Dollar reverse. The NZD/USD is quiet after making some of the biggest gains yesterday.

• The Yen pairs are on the back foot, with the likes of the AUD/JPY slipping back from the highs.

• Oil prices have slipped in line with the US Dollar.

Coming up today:

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

• Following this we get US crude oil inventories at 15.30.

Trade Idea:

• The Aussie Dollar is threatening to break through recent resistance points. As the weak US Dollar mixes with a stabilising (on the face of it) China.

                     

A good way to play this is a HIGHER trade predicting that the AUD/USD will close above 0.7750 in 35 days for a potential return of 173%.

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