Aussies Slips Back On Retail Sales

Morning Report: 07.00 London

• After a post RBA surge, the Australian dollar is slipping back this morning. Aussie retail sales and trade balance data came in well below estimates, forcing the AUD/USD and AUD/JPY to reverse trend.

• The NZD/USD is slipping lower as a result.

• The euro enjoyed another positive session yesterday, but still nothing of note has formally been released on Greek debt. Inflation expectations have pushed higher which may explain some of the move.

• The dollar index is stable this morning after two days of losses.

                                 
                                        
Coming up today:

• Coming up today we have the latest statement from the MPC with no rate change expected.
 
• US unemployment claims follow at 13.30, followed by Canadian Ivey PMI at 15.00.

Trade Idea:

• The rise of the EUR/GBP now takes it to the high of the multi week trading range. This comes despite there being no substantive news on the Greek problem.

                                  
             
As such we, could see some downside from here and a lower trade is a good way to play this. A LOWER trade predicting that the EUR/GBP will close below 0.7325 in 7 days time for a potential return of 141%.

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Summary: