Euro Stumbles On IMF Stance

Morning Report: 08.45 London

• This morning, the US Dollar is rising back to the highs as the US economy shows signs of a sustained recovery.

• The S&P 500 is rising at the same time, rapidly bouncing back above the 100 period moving average.

• The Australian Dollar is once again one of the bigger movers, not helped by concerns over an slowdown in China. The NZD is moving lower in sympathy.

• Gold continues to slide, as the Dollar recovers.

• Elsewhere, the Euro continues to wobble as the IMF takes a hard line on its involvement in the Greek bailout.

                                                                                                                                                                        Coming up today:

• Coming up today we have European CPI flash estimate, released alongside the latest unemployment rate.

• Canadian GDP follows at 13.30 alongside the US employment cost index.

• Chicago PMI follows at 14.45, followed by US revised UoM consumer sentiment.

Trade Idea:

The Euro continues to wobble with the IMF’s involvement in the bailout still not confirmed.

Until a firm solution is confirmed, there’s still ample room for downside.

A good way to play this is a LOWER trade predicting that the EUR/ USD closes below 1.0800 in 14 days time for a potential return of 221%. 

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