• This morning, stock market futures are selling off heavily as the Greek crisis twists and turns. Perhaps of greater concern is the near meltdown in Chinese stocks – a theme that is putting fear into all corners of the globe.
• The US dollar continues to dominate, despite the euro rebounding this morning. This is no doubt helped by the ongoing collapse in oil prices.
• The yen pairs are on the retreat as the yen finds support on the back of better than expected current account data.
• The biggest mover is the Australian dollar as it catches the same cold as China.
• The pound is also under pressure ahead of the summer budget.
• The euro is holding up well however despite a hardline stance being taken by the eurogroup.
Coming up today:
• Today we have more euro group meetings running through the day.
• The UK budget is released at 12.30.
• From 13.30, we get Canadian building permits, followed by the release of the minutes from the last FOMC meeting at 19.00.
Trade Idea:
The AUD/JPY is experiencing some extreme volatility and this could only increase as the Chinese equity rout continues.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Pound Stumbles on Budget Day
Morning Report: 07.00 London
• This morning, stock market futures are selling off heavily as the Greek crisis twists and turns. Perhaps of greater concern is the near meltdown in Chinese stocks – a theme that is putting fear into all corners of the globe.
• The US dollar continues to dominate, despite the euro rebounding this morning. This is no doubt helped by the ongoing collapse in oil prices.
• The yen pairs are on the retreat as the yen finds support on the back of better than expected current account data.
• The biggest mover is the Australian dollar as it catches the same cold as China.
• The pound is also under pressure ahead of the summer budget.
• The euro is holding up well however despite a hardline stance being taken by the eurogroup.
Coming up today:
• Today we have more euro group meetings running through the day.
• The UK budget is released at 12.30.
• From 13.30, we get Canadian building permits, followed by the release of the minutes from the last FOMC meeting at 19.00.
Trade Idea:
The AUD/JPY is experiencing some extreme volatility and this could only increase as the Chinese equity rout continues.
A good way to play this is a LOWER trade predicting that the AUD/JPY closes below 88.00 in 7 days time for a potential return of 322%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Summary:
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