Mar 7th, 2018: Dollar Hit By Cohn Resignation
March 7, 2018 9:11 amVideo
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Morning Report: 07.00 London
This morning, the US dollar remains weak as markets digest the resignation of Gary Cohn from the government administration. Widely regarded as the ‘adult in the room’, Cohn’s resignation is seen as a sign that Tariffs really will happen. This also opens up wider concerns about the Trump administration, with stock markets selling off in after hours trading.
The yen pairs sold off yesterday, with a tentative recovery in some areas this morning such as the AUD/JPY and EUR/JPY. The USD/JPY remains near the lows.
The dollar pairs performed well yesterday, with the EUR/USD climbing for its fifth straight day.
Even the under pressure Canadian dollar managed to make gains against the US dollar yesterday, with the USD/CAD dropping again this morning.
Gold is slipping back after making solid gains on a safe haven play yesterday.
Coming up today
Coming up today, we have UK Halifax HPI at 08.30.
FOMC member Bostic speaks at 13.00.
At 13.15, we have ADP non farm employment change.
Canadian trade balance is at 13.30, alongside labor productivity.
At 15.00, we have the BOC rate statement and overnight rate.
US crude oil inventories are at 15.30.
Trade Idea
The USD/JPY continues to flirt with the lows, making a LOWER trade attractive, especially with the threat of further disruptions to the US dollar.
A good way to play this is a LOWER trade predicting that the USD/ JPY will close below 105.00 in 14 days for a potential return of 170%.
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