Jan 7th 2019: Dollar Retreats Further on Trade Deal Hopes
January 8, 2019 1:11 amVideo
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Morning Report: 07.00 London
The dollar index is pulling back further this morning, testing the December lows as traders shun the need for safe havens amid hope of a trade deal between the US and China.
Dollar pairs are higher, led by the AUD/USD which has recovered from the New Year flash crash to trade well above the 2019 lows. The EUR/USD is gapping higher, making gains for the third day in a row, with the GBP/USD following suit. The EUR/GBP is slightly higher after the euro sold off heavily against the pound on Friday.
The USD/CAD continues to fall off a cliff, gapping lower this morning.
The USD/CHF is also continuing its slow decline, breaking through its trading range.
The yen pairs are on the back foot, with the USD/JPY unwinding some of last weeks gains. Yen pairs have recovered some but by no means not all of the losses from last weeks flash crash. The EUR/JPY and GBP/JPY are following the same moves, as is the AUD/JPY which saw the most impressive recovery last week.
Gold is back on the offensive this morning, climbing back to $1290 after dropping from the highs on Friday. The uptrend remains firmly intact.
Coming up today
Today we have US ISM Non-Manufacturing PMI at 15.00. At the same time we have Canadian Ivey PMI.
Trade Idea
The USD/CAD has gapped lower this morning, but opening gaps have been closed with some regularity recently.
The US dollar may be under some pressure, but the Canadian dollar’s fortunes are also circumspect, with oil prices remaining depressed.
A good way to play this is a ONE TOUCH trade predicting that the USD/CAD will recover and touch 1.3550 within 10 days for a potential return of 168%.
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