• Chinese data is difficult to navigate at the best of times, but there does appear to be a worrying downward trends for the Asian powerhouse as the latest manufacturing figures came in below expectations this morning. The move has put stock markets on the back foot, with the US Dollar index nudging higher on the risk-off play.
• The main mover on currencies is the Canadian Dollar which is in turn pressured by lower oil prices. It is also a bank holiday today in Canada for Civic day.
• Elsewhere, the Euro is stable after a volatile session on Friday.
Coming up today:
• Coming up today, we have Spanish Manufacturing PMI at 08.15.
• This is followed by UK manufacturing PMI at 09.30.
• US core PCE price index follows at 13.30, with personal spending at the same time.
• Manufacturing PMI then follows at 15.00, with FOMC member Powell speaking at 15.50.
Trade Idea:
The Canadian Dollar continues to be pressure by a strong US Dollar and ongoing weaknesses in oil prices. With no change to these forces on the event horizon, we could well see further upside for the USD/ CAD.
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.
China Manufacturing Lowest Since 2013
Morning Report: 07.30 London
• Chinese data is difficult to navigate at the best of times, but there does appear to be a worrying downward trends for the Asian powerhouse as the latest manufacturing figures came in below expectations this morning. The move has put stock markets on the back foot, with the US Dollar index nudging higher on the risk-off play.
• The main mover on currencies is the Canadian Dollar which is in turn pressured by lower oil prices. It is also a bank holiday today in Canada for Civic day.
• Elsewhere, the Euro is stable after a volatile session on Friday.
Coming up today:
• Coming up today, we have Spanish Manufacturing PMI at 08.15.
• This is followed by UK manufacturing PMI at 09.30.
• US core PCE price index follows at 13.30, with personal spending at the same time.
• Manufacturing PMI then follows at 15.00, with FOMC member Powell speaking at 15.50.
Trade Idea:
The Canadian Dollar continues to be pressure by a strong US Dollar and ongoing weaknesses in oil prices. With no change to these forces on the event horizon, we could well see further upside for the USD/ CAD.
A good way to play this is a HIGHER trade predicting that the USD/ CAD will close above 1.3200 in 10 days time for a potential return of 150%.
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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