Dollar Extends Advance

Morning Report: 06.30 London

• This morning, the US dollar remains on a firm footing ahead of today’s Non-Farm Payroll release around midday.

• Meanwhile, the Australian dollar is under pressure following the release of the minutes from the last RBA meeting. The AUD/JPY has erased any gains made yesterday.

• Meanwhile in Europe, the euro is recovering after heavy selling yesterday with the EUR/GBP erasing most of the gains made since Tuesday.

                                                                     
Coming up today:

• Today’s main highlight is, of course, this afternoon’s US Non-Farm Payroll release with a gain of +203k expected.

• Also at 13.30, we get US average hourly earnings, the unemployment rate and corresponding Canadian employment data.

• Canadian Ivey PMI then follows at 15.00.

Trade Idea:

• UK services data showed further declines yesterday, yet the pound still outperformed the euro and is putting in a good shift against the Australian dollar this morning.

Australia is impacted by the Chinese economy more than any other economy and with the latter still unsettled, the pound’s strength in adversity could see the GBP/AUD lift even higher.

A good way to play this is a HIGHER trade predicting that the GBP/AUD will close above 1.97 in 14 days for a potential return of 129%.

                          
                                                         

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