• The Aussie dollar continued to dance to China’s tune this morning as the currency dips head of the highly anticipated Chinese leadership meeting. The AUD/ JPY is off by 0.68%, though this move is exaggerated by the resurgent yen. This downside move comes despite warnings from the RBA that the Aussie remains too high (thus opening the door to a rate hike).
• The USD/ JPY is off by 0.43%, helping to push the EUR/ JPY down by 0.64%.
•The euro is showing relative weakness after Spanish employment change rose significantly more than expected.
•The dollar index is back in demand after being pressured yesterday while stock markets are refusing to give up their recent gains.
Coming up today:
• Coming up today we have UK services PMI at 09.30, followed by EU economic forecasts at 10.00.
• US ISM non manufacturing PMI follows at 15.00.
Trade Idea:
• The NZD/ USD has been stuck in the current ‘fair value’ range for the second time since the end of October. Las time, the range lasted around two weeks and there are early signs that we could see the same again.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
China leadership meeting weighs on Aussie
Morning Report: 08.45 London
• The Aussie dollar continued to dance to China’s tune this morning as the currency dips head of the highly anticipated Chinese leadership meeting. The AUD/ JPY is off by 0.68%, though this move is exaggerated by the resurgent yen. This downside move comes despite warnings from the RBA that the Aussie remains too high (thus opening the door to a rate hike).
• The USD/ JPY is off by 0.43%, helping to push the EUR/ JPY down by 0.64%.
• The euro is showing relative weakness after Spanish employment change rose significantly more than expected.
• The dollar index is back in demand after being pressured yesterday while stock markets are refusing to give up their recent gains.
Coming up today:
• Coming up today we have UK services PMI at 09.30, followed by EU economic forecasts at 10.00.
• US ISM non manufacturing PMI follows at 15.00.
Trade Idea:
• The NZD/ USD has been stuck in the current ‘fair value’ range for the second time since the end of October. Las time, the range lasted around two weeks and there are early signs that we could see the same again.
• An IN/ OUT trade predicting that the NZD/ USD will close within 0.8300 and 0.8200 in 3 days time could return 137% if successful.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
Summary:
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