Mar 9th, 2018: Dollar Rallies On Historic North Korea Talks
March 9, 2018 11:34 pm
Morning Report: 07.00 London
This morning, momentum remains with the dollar index following the announcement of historic talks between Trump and Kim Jong Un in North Korea. The dollar index is unchanged following yesterday’s bumper rally on the hope of a lasting peace and an end to Nuclear ambitions in North Korea.
The dollar pairs have a slight positive bias after heavy selling yesterday. The EUR/USD was subject to the biggest bear push as the ECB’s Draghi appeared to play down removing the Central Bank’s easing bias. The EUR/GBP was volatile yesterday, but ultimately ended lower.
The yen pairs have a positive bias as a wave of risk-on trading pushes the dollar higher and yen lower, with the USD/JPY slipping. The AUD/JPY is nudging higher again after yesterday’s reversal, while the EUR/JPY has some way to go to recover.
As global confidence increases, gold has backed off for the third day in a row.
Coming up today
At 09.30, we have UK manufacturing production, released alongside UK goods trade balance.
At 13.30, we get the big ticket – US non farm employment change and the unemployment rate. This is released alongside average hourly earnings.
Canadian employment data is released at the same time.
Trade Idea
The Swiss franc has lost ground over the last couple of days as the dollar regains control and investors reject the need for a safe haven.
Morning Report: 07.00 London
This morning, momentum remains with the dollar index following the announcement of historic talks between Trump and Kim Jong Un in North Korea. The dollar index is unchanged following yesterday’s bumper rally on the hope of a lasting peace and an end to Nuclear ambitions in North Korea.
The dollar pairs have a slight positive bias after heavy selling yesterday. The EUR/USD was subject to the biggest bear push as the ECB’s Draghi appeared to play down removing the Central Bank’s easing bias. The EUR/GBP was volatile yesterday, but ultimately ended lower.
The yen pairs have a positive bias as a wave of risk-on trading pushes the dollar higher and yen lower, with the USD/JPY slipping. The AUD/JPY is nudging higher again after yesterday’s reversal, while the EUR/JPY has some way to go to recover.
As global confidence increases, gold has backed off for the third day in a row.
Coming up today
At 09.30, we have UK manufacturing production, released alongside UK goods trade balance.
At 13.30, we get the big ticket – US non farm employment change and the unemployment rate. This is released alongside average hourly earnings.
Canadian employment data is released at the same time.
Trade Idea
The Swiss franc has lost ground over the last couple of days as the dollar regains control and investors reject the need for a safe haven.
There could be further upside from here and a good way to play this is a HIGHER trade predicting that the USD/CHF will close above 0.9550 in 14 days for a potential return of 119%.
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