Markets Nudge Higher

Morning Report: 09.00 London

• Markets are quietly pushing higher this morning after heavy selling last week. There has been no significant catalysts for this, with the absence of bad news just as important here. The dollar index is quiet after suffering its first drop in many sessions on Friday.                                                                                                             

                                                                                                                                                                                                                  
                               

• The British pound is staging a recovery this morning ahead of today’s UK construction PMI.

                               
           
                               

• The yen is weakening after recovering ground on Friday. The USD/JPY is pushing higher again.

                               

• Gold and silver are also nudging higher, but the general trend still remains lower.

                               

Coming up today:

• Coming up today, we have UK construction PMI at 09.30, with a slight dip expected.


Trade Idea:

• The pound came in for some heavy selling on Friday, but support essentially held on the GBP/JPY. There could be upside from here if UK construction PMI can come in above estimates.

A good way to play this is a HIGHER trade predicting that the GBP/JPY will close above 173.00 in 3 days time for a potential return of 115%.

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