Yen drops further on stimulus speculation

Morning Report: 08.30 London

• Increased speculation over Japanese stimulus plans have helped the yen pairs push higher again this morning.The GBP/ JPY is showing particular strength on market talk of a forthcoming sovereign debt upgrade. The EUR/ GBP has continued its downwards trend as the good news keeps coming for the pound.

• There was little by the way of good news for gold yesterday though, but the precious metal has managed some small gains this morning.

• The Australian dollar has been volatile this morning after the RBA elected to keep rates on hold at record lows.

Coming up today:

• Coming up today, we have UK construction PMI at 09.30, with lower tier economic releases throughout the rest of the day.

Trade Idea:

• The GBP/JPY has really got the bit between its teeth and there seems little sense in fighting the tide on this one.

• A HIGHER trade predicting that the GBP/ JPY will close above 169.50 in 3 days time could return 133%if successful.

This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.

Summary:

PLACE A TRADE NOW

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