June 5th, 2018: Pound Struggles on Brexit Uncertainty
June 5, 2018 8:11 amVideo
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Morning Report: 07.00 London
The dollar index is on the back foot this morning after failing to ignite on Friday despite better than expected US economic data, including NFP. Dollar weakness comes amid a general appetite for risk taking and uncertainty over the dollar’s long-term prospects in light of Trump’s policies.
The Australian dollar has been first to capitalise after stronger than expected retail and company operating profits this morning. The AUD/USD us up 0.62%, with the AUD/JPY rising by 1.38% so far this month.
The pound is also performing well, rising for the third day out of four sessions against the US dollar. This comes after better than expected manufacturing data on Friday, often the dead weight of the UK economy. The GBP/JPY is up 1.35% for the month. The EUR/GBP is rising this morning in favour of the euro following heavy selling on Friday.
The EUR/USD is higher after losses Friday, while the EUR/JPY continues to climb, with the worse of last week’s Italy shock now recovered.
Yen pairs are generally higher, with the driving force of the USD/JPY higher again this morning.
Gold continues to struggle, testing the May lows.
Coming up today
Today we have UK construction PMI at 09.30.
MPC member Tenreyo speaks at 18.00.
Trade Idea
The euro has recovered well against the US dollar, but against the Aussie and other currencies is still struggling.
Further downside is on the cards and a good way to play this is a LOWER trade predicting that the EUR/AUD will close below 1.5300 in 14 days for a potential return of 125%.
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