• This morning, the Australian Dollar is rallying after the RBA opted to keep rates on hold at 2% in the face of outside speculation of a rate cut. In addition, retail sales and trade balance came in above expectations to send the Aussie higher by more than 1%.
• This comes despite ongoing pressure on commodity prices, with WTI oil prices dropping below $50 this morning.
• Elsewhere, the US Dollar is dipping lower while the S&P 500 counter rallies against yesterday’s sell-off.
Coming up today:
• Coming up today, we have UK construction PMI at 09.30.
• This is followed by US factory orders at 15.00.
Trade Idea:
This morning’s Aussie rally is firmly against trend and the truth is that the Australian economy can only recover in a sustainable manner when the Chinese economy does the same.
• The latter is still not on the horizon, as such this morning’s AUD/USD rally could be a good time to sell not buy.
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.
Aussie Rallies Despite
Oil Slump to $45
Morning Report: 06.30 London
• This morning, the Australian Dollar is rallying after the RBA opted to keep rates on hold at 2% in the face of outside speculation of a rate cut. In addition, retail sales and trade balance came in above expectations to send the Aussie higher by more than 1%.
• This comes despite ongoing pressure on commodity prices, with WTI oil prices dropping below $50 this morning.
• Elsewhere, the US Dollar is dipping lower while the S&P 500 counter rallies against yesterday’s sell-off.
Coming up today:
• Coming up today, we have UK construction PMI at 09.30.
• This is followed by US factory orders at 15.00.
Trade Idea:
This morning’s Aussie rally is firmly against trend and the truth is that the Australian economy can only recover in a sustainable manner when the Chinese economy does the same.
• The latter is still not on the horizon, as such this morning’s AUD/USD rally could be a good time to sell not buy.
A good way to play this is a LOWER trade predicting that the AUD/USD closes below 0.7300 in 10 days time for a potential return of 160%.
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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