• This morning, Chinese markets were under pressure after HSBC services PMI came in well below expectations. The Australian dollar has been hit due to its close Chinese links, with poor retail sales data not helping.
• Elsewhere, the euro is on the rise after the IMF appeared to offer an olive branch of debt relief.
• Oil prices remain under pressure as lower China demand takes its toll on prices.
• S&P 500 futures remain troubled, with Monday’s opening gap remaining unchallenged. The dollar is nudging slightly higher.
Coming up today:
• Coming up today we have UK services PMI at 09.30.
• This is followed by European retail sales at 10.00.
• A US bank holiday could lead to lower liquidity through the day.
Trade Idea:
The NZD/USD rallied off the lows yesterday, but it is hardly going to rebound with any strength when its closest neighbour Australia is under so much pressure.
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.
Chinese Markets Lead Decline
Morning Report: 07.30 London
• This morning, Chinese markets were under pressure after HSBC services PMI came in well below expectations. The Australian dollar has been hit due to its close Chinese links, with poor retail sales data not helping.
• Elsewhere, the euro is on the rise after the IMF appeared to offer an olive branch of debt relief.
• Oil prices remain under pressure as lower China demand takes its toll on prices.
• S&P 500 futures remain troubled, with Monday’s opening gap remaining unchallenged. The dollar is nudging slightly higher.
Coming up today:
• Coming up today we have UK services PMI at 09.30.
• This is followed by European retail sales at 10.00.
• A US bank holiday could lead to lower liquidity through the day.
Trade Idea:
The NZD/USD rallied off the lows yesterday, but it is hardly going to rebound with any strength when its closest neighbour Australia is under so much pressure.
A good way to play this is a LOWER trade predicting that the NZD/USD will close below 0.6600 in 10 days for a potential return of 259%.
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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