Markets Pause After Relief Rally

Morning Report: 09.00 London

• Markets are pausing for breath after Monday’s relief rally brought the bargain hunters back to the fold.                                                                                                             

                               

• This morning, commodities are the main movers as the dollar index pauses above its moving average.                                                                                                                                                                                   
                               

                               
           
                               

• The euro is under pressure again though as short bets increase ahead of the next ECB meeting this Thursday.

                               

                               

Coming up today:

• Coming up today we have UK services PMI with an improved figure of 58.1 expected at 09.30.

• US ISM non manufacturing PMI follows at 15.00 with factory orders released at the same time.


Trade Idea:

• The euro found some relief last week with a one day rally, but the down trend is generally uninterrupted.

A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.3375 in 7 days time for a potential return of 192%.

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