July 16th, 2018: Dollar Starts on Weak Front as Trump Meets Putin
July 16, 2018 8:11 am
Morning Report: 07.00 London
The US dollar is subdued on the eve of Trump’s historic meeting with Putin in Helsinki. It is a culmination of a trip that has left a trail of sound bites and problematic implications. Disappointing economic data from China overnight has only served to pressure the US dollar further.
The dollar pairs are making gains, with the AUD/USD marking three days of gains, lifting off the lows. The NZD/USD is also higher after a mixed session on Friday.
The EUR/USD continues to lift off the lows, following up Friday’s bounce off intraday lows. The GBP/USD is following a similar pattern despite ongoing Brexit uncertainty.
The euro is nudging higher against the pound after unexpectedly falling back on Friday.
The USD/CAD is sinking again as the USD/CHF reverses from the highs.
The yen pairs are mixed, with the USD/JPY unchanged. The AUD/JPY is making gains, while the GBP/JPY and EUR/JPY extend their impressive runs.
Coming up today
At 13.30 we have US core retails sales and empire state manufacturing at 13.30.
Canadian foreign securities purchases are at 13.30.
Trade Idea
Despite ongoing global tensions, safe havens have lost their allure. The EUR/CHF has consequently risen well, rising above 1.1700.
Morning Report: 07.00 London
The US dollar is subdued on the eve of Trump’s historic meeting with Putin in Helsinki. It is a culmination of a trip that has left a trail of sound bites and problematic implications. Disappointing economic data from China overnight has only served to pressure the US dollar further.
The dollar pairs are making gains, with the AUD/USD marking three days of gains, lifting off the lows. The NZD/USD is also higher after a mixed session on Friday.
The EUR/USD continues to lift off the lows, following up Friday’s bounce off intraday lows. The GBP/USD is following a similar pattern despite ongoing Brexit uncertainty.
The euro is nudging higher against the pound after unexpectedly falling back on Friday.
The USD/CAD is sinking again as the USD/CHF reverses from the highs.
The yen pairs are mixed, with the USD/JPY unchanged. The AUD/JPY is making gains, while the GBP/JPY and EUR/JPY extend their impressive runs.
Coming up today
At 13.30 we have US core retails sales and empire state manufacturing at 13.30.
Canadian foreign securities purchases are at 13.30.
Trade Idea
Despite ongoing global tensions, safe havens have lost their allure. The EUR/CHF has consequently risen well, rising above 1.1700.
A good way to play this is a HIGHER trade predicting that the EUR/ CHF will close above 1.1750 in 14 days for a potential return of 132%.
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