Markets Eye Big Data 

Morning Report: 08:30 London

• Markets slipped back into cautious mode this morning ahead of today’s US ADP jobs data and tomorrow’s ECB rate statement. The S&P 500 remains with touching distance of the record highs though while the dollar index continues to climb steadily.   

• The strong dollar is putting pressure on the dollar pairs, with the USD/CAD seeing the biggest movement so far and the GBP/USD displaying relative weakness against the euro.
                                                                                                                                        

• The EUR/GBP is rising for the second straight day as traders bet on something substantive from the ECB tomorrow.

                             

• The yen has been a big casualty of the dollar’s recent rise, with the USD/JPY up another 0.13% this morning.

                             
                                                                                                                                                        
Coming up today:

• Today we have the latest UK services PMI.

• From 13.15 we switch to the US, with the release of the latest ADP non farm employment change, followed by US & Canadian trade balance figures.

• The Canadian rate statement follows at 15.00, with US ISM non manufacturing released at the same time.

Trade Idea:

• The USD/CAD is not exactly the best pair for trend following, so with a Canadian rate statement due to day and no changes expected, we could see a little pull back against the trend.

                             

A good way to play this is a LOWER trade predicting that the USD/CAD will close below 1.0900  in 1 days time for a potential return of 191%.

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

Summary: