Bullish RBA lifts Aussie

Morning Report: 08.45 London

• This morning, markets are holding steady after heavy losses last night. Those losses, inspired by by some lack luster earnings could see the S&P 500 fall for two months in a row for the first time since May 2012.

• It’s not all bad news today though, as the Australian dollar rallies on the back of a bullish RBA statement. The AUD/USD is up 1.61%, with the AUD/JPY up 1.48%. The NZD/USD has rallied in sympathy.

 • Elsewhere, the yen pairs are under pressure as the yen continues to reverse its fortunes.

Coming up today:

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

• US factory orders follow at 15.00.

Trade Idea:

• The USD/JPY’s down trend is building some momentum, but as the longer term chart shows, there is room for further downside as the longer term uptrend gets eroded.

A good way to play this could be a LOWER trade predicting that the USD/JPY will close below 99.75 in 14 days time could return 270% if successful.

This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.

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