• Despite Premier Xi officially lowering growth targets, China has offered some reassurance this morning. Chinese Caixin services PMI came in above expectations, while Australian trade balance (Often seen as a China proxy) expanded less than expected. The Aussie Dollar is bidding higher as a result.
• By contrast, the NZD/USD is on the back foot and for the first time in weeks is under performing is Australian peer.
• Meanwhile, the Euro continues to slip lower ahead of a busy economic calendar.
Coming up today:
• Coming up today we have ECB president Draghi speaking at 08.00.
• This is followed by UK services PMI at 09.30.
• The big news comes at 13.15 with US ADP non farm employment change. US and Canadian trade balance follows at 13.30.
• Following this at 15.00, Fed Chair Yellen speaks at 15.00, with non-manufacturing PMI at the same time.
• This evening, RBA governor Sevens speaks at 20.25.
Trade Idea:
• The EUR/GBP continues to struggle as slower growth haunts policy makers. The British economy is still no bed of roses, but remains on a positive interest rate trajectory.
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.
Chinese PMI Reassures
Morning Report: 06.30 London
• Despite Premier Xi officially lowering growth targets, China has offered some reassurance this morning. Chinese Caixin services PMI came in above expectations, while Australian trade balance (Often seen as a China proxy) expanded less than expected. The Aussie Dollar is bidding higher as a result.
• By contrast, the NZD/USD is on the back foot and for the first time in weeks is under performing is Australian peer.
• Meanwhile, the Euro continues to slip lower ahead of a busy economic calendar.
Coming up today:
• Coming up today we have ECB president Draghi speaking at 08.00.
• This is followed by UK services PMI at 09.30.
• The big news comes at 13.15 with US ADP non farm employment change. US and Canadian trade balance follows at 13.30.
• Following this at 15.00, Fed Chair Yellen speaks at 15.00, with non-manufacturing PMI at the same time.
• This evening, RBA governor Sevens speaks at 20.25.
Trade Idea:
• The EUR/GBP continues to struggle as slower growth haunts policy makers. The British economy is still no bed of roses, but remains on a positive interest rate trajectory.
A good way to play this is a LOWER trade predicting that the EUR/GBP will close below 0.7000 in 14 days for a potential return of 298%.
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.
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