Dollar Pulls Back From Highs

Morning Report: 09.00 London

• The US dollar is taking a break from its relentless drive higher this morning, helping other pairs regain some ground.                                                                                                        

                               
                                                                                                                                                                   
                               

• Meanwhile, the S&P500 is still stuck in a trading range, with the highs in sight.

• Commodities are the biggest movers this morning, recovering a small part of yesterday’s losses.

                               

 • The Australian dollar is also lifting off support after GDP data came in above estimates.

• The yen is also recovering some of its recent losses, with the USD/JPY slipping lower.

                               

• The pound is still looking weak though after yesterday’s adverse reaction to the latest Scottish referendum polls, with the EUR/GBP extending yesterday’s gains.

                               

                                                                                    
Coming up today:

• Coming up today, we have Spanish Services PMI, following by Italian services. Then at 09.30, we have UK services PMI.

• From 10.00, we have the latest European retail sales data.

• Then at 15.00, we switch to Canada for the latest BOC rate statement. The US beige book follows at 19.00.

Trade Idea:

• Gold’s sell off looked a tad overdone, which makes a rebound trade look attractive.

A good way to play this is a HIGHER trade predicting that gold will close above $1275 in 7 days time for a potential return of 139%.

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Summary: