• After a muted recovery yesterday, markets are once again looking shaky this morning. There is not movement to speak of on stock markets, but the lack of a compelling rebound could be telling.
• The biggest mover is the AUD/JPY, as the Aussie’s post rally sell off is exaggerated by a strong yen. The AUD/JPY is down 0.58%, with the AUD/USD down 0.24%.
• The yen pairs are generally heading lower this morning with the USD/JPY off by 0.33%.
• Silver is staging a mini recovery, with three up days in a row so far.
Coming up today:
• Coming up today, we have UK services PMI at 09.30 and markets will need to see a strong number after poor manufacturing data recently.
• Following this we have US ADP Non Farm Employment Change at 13.15, followed by US ISM non manufacturing PMI at 15.00. Canadian building permits are released at 13.30.
Trade Idea:
• The GBP/USD’s latest sally to the highs has been rebuffed, with price falling back to support. Will this level hold?
• A look at the longer term chart shows how the GBP/USD has made a serious of lower highs, something that could point towards these support levels failing.
Yen dampens rebound
Morning Report: 08.45 London
• After a muted recovery yesterday, markets are once again looking shaky this morning. There is not movement to speak of on stock markets, but the lack of a compelling rebound could be telling.
• The biggest mover is the AUD/JPY, as the Aussie’s post rally sell off is exaggerated by a strong yen. The AUD/JPY is down 0.58%, with the AUD/USD down 0.24%.
• The yen pairs are generally heading lower this morning with the USD/JPY off by 0.33%.
• Silver is staging a mini recovery, with three up days in a row so far.
Coming up today:
• Coming up today, we have UK services PMI at 09.30 and markets will need to see a strong number after poor manufacturing data recently.
• Following this we have US ADP Non Farm Employment Change at 13.15, followed by US ISM non manufacturing PMI at 15.00. Canadian building permits are released at 13.30.
Trade Idea:
• The GBP/USD’s latest sally to the highs has been rebuffed, with price falling back to support. Will this level hold?
• A look at the longer term chart shows how the GBP/USD has made a serious of lower highs, something that could point towards these support levels failing.
A good way to play this could be a LOWER trade predicting that the GBP/USD closes BELOW 1.6200 in 28 days time for a potential return of 176% if successful.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
Summary:
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