• This morning, the pound is still wobbly after heavy selling yesterday following the summer budget. Market traders evidently found items to dislike, sending the pound crashing down against the yen and other currencies.
• Elsewhere, the Australian dollar is on the rise as Chinese equities find their feet thanks to strict stock market controls.
• The yen pairs are on the rise as the risk on/risk off balance tilts towards the positive.
• A stronger euro is partly behind this.
• The dollar index is on the back foot, with the S&P 500 on the rise.
Coming up today:
• Coming up today we have the official UK bank lending rate.
• Later this afternoon we have US unemployment claims, followed at 15.15 by FOMC member Brainard speaking.
Trade Idea:
The euro has had a good run this week, but we are now entering another weekend of deadlines. Yesterday the pound was hit for six, but today we could see an unwinding of those positions.
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 Sends Message On Budget
Morning Report: 07.00 London
• This morning, the pound is still wobbly after heavy selling yesterday following the summer budget. Market traders evidently found items to dislike, sending the pound crashing down against the yen and other currencies.
• Elsewhere, the Australian dollar is on the rise as Chinese equities find their feet thanks to strict stock market controls.
• The yen pairs are on the rise as the risk on/risk off balance tilts towards the positive.
• A stronger euro is partly behind this.
• The dollar index is on the back foot, with the S&P 500 on the rise.
Coming up today:
• Coming up today we have the official UK bank lending rate.
• Later this afternoon we have US unemployment claims, followed at 15.15 by FOMC member Brainard speaking.
Trade Idea:
The euro has had a good run this week, but we are now entering another weekend of deadlines. Yesterday the pound was hit for six, but today we could see an unwinding of those positions.
As such there could be some downside potential for the EUR/GBP and a LOWER trade is a good way to play this.
A LOWER trade predicting that the EUR/GBP will close below 0.7200 in 7 days time could return 110% if successful.
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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