RBA Holds Steady

Morning Report: 06.30 London

• This morning, the Australian Dollar is out performing its peers after the RBA opted to keep rates on hold at 2% against an outside chance of another cut. The Australian Dollar is performing well across the board, as the Dollar backs off.

• Elsewhere, the USD/JPY is slipping back towards the middle of its trading range, helped by the retreating Dollar.
                      

Coming up today:

• Coming up today we have UK construction PMI at 09.30.

• US factory orders follow at 15.00.

• Later this evening we have ECB president Draghi speaking at 19.00.

• New Zealand employment change rounds off the day at 21.45.

Trade Idea:

• Gold has been in reverse gear since the middle of September, but we could now be reaching the point where bargain hunters step in.

A good way to play this is a HIGHER trade predicting that gold will close above $1150 in 14 days for a potential return of 186%.

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