This morning the yen is on the rise, with all yen pairs experiencing significant selling on reports that the BoJ may exit from its stimulus programme. The USD/JPY is leading the losers, while the EUR/JPY is set for three days of heavy losses. The AUD/JPY has now reversed much of last week’s gains.
Dollar pairs are mixed, with most dollar pairs including the EUR/USD, AUD/USD and NZD/USD making gains while the GBP/USD reverses.
The pound to euro balance is advantage euro at the moment as the EUR/GBP ebbs and flows.
There were strong gains for the USD/CHF yesterday, but this too is reversing this morning against the US Dollar.
Coming up today
Coming up today, we have UK manufacturing production at 09.30, released with goods trade balance and construction output. UK NIESR GDP is out at 13.00.
At 13.30, we get Canadian building permits and US import prices.
US crude oil inventories are at 15.30.
Trade Idea
The EUR/GBP is on the front foot this morning, extending its trendless period as the eurozone and UK largely cancel each other out.
Morning Report: 07.00 London
This morning the yen is on the rise, with all yen pairs experiencing significant selling on reports that the BoJ may exit from its stimulus programme. The USD/JPY is leading the losers, while the EUR/JPY is set for three days of heavy losses. The AUD/JPY has now reversed much of last week’s gains.
Dollar pairs are mixed, with most dollar pairs including the EUR/USD, AUD/USD and NZD/USD making gains while the GBP/USD reverses.
The pound to euro balance is advantage euro at the moment as the EUR/GBP ebbs and flows.
There were strong gains for the USD/CHF yesterday, but this too is reversing this morning against the US Dollar.
Coming up today
Coming up today, we have UK manufacturing production at 09.30, released with goods trade balance and construction output. UK NIESR GDP is out at 13.00.
At 13.30, we get Canadian building permits and US import prices.
US crude oil inventories are at 15.30.
Trade Idea
The EUR/GBP is on the front foot this morning, extending its trendless period as the eurozone and UK largely cancel each other out.
There could be more rangebound trading ahead and a good way to play this is an IN/OUT trade predicting that the EUR/GBP will close within 0.8875 and 0.8800 for a potential return of 180%.
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