Dollar Retreats On
Trade Deficit

Morning
Report: 09.00 London

• This
morning, the US
dollar
is still on
the back foot
after
yesterday’s
widened trade
deficit.
Aligned with
this, oil
prices have
hit a 2015
high above
$60.

• The S&P 500
snapped back heavily on
the news after flirting
with record highs on
Monday.
         
                          

• The euro
is the big mover, a move
fuelled by the weaker
dollar and continued
indifference to the
situation in Greece.

• The Australian
dollar
continues to rise despite
the recent rate cut, while
the New Zealand
dollar is
heading in the opposite
direction.

• The Canadian
dollar is
enjoying gains against the
US dollar despite its own
poor trade balance figures
yesterday.

                         
  
               
Coming
up today:

• Coming up today we have
Spanish services PMI at
08.15. This is followed by
UK services PMI at 09.30
and European retail sales
at 10.00.

• From 13.15 we switch to
the US for ADP non farm
employment change and
preliminary unit labor
costs at 13.30.

• Fed Chair Yellen speaks
at 14.15.

• Finally, we have
Canadian Ivey PMI at
15.00.

Trade Idea:

• The dollar
appears to have lost its
Teflon qualities, with
most of the dollar pairs
enjoying gains as a
result.

• The euro
is showing impressive
momentum, especially in
the context of protracted
Greek negotiations.

                            
                     
 
There
could be more upside
from here and a good
way to play this is a
HIGHER trade
predicting that the
EUR/USD closes above
1.1300 in 7 days time
could return 146% if
successful.

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Summary: