This morning, the US dollar index is unchanged after two days of solid gains this morning, helping some dollar pairs to gain.
The EUR/USD is making small gains after holding the 1.1200 level yesterday. The GBP/USD is also attempting gains after further selling yesterday that pushed the pair towards 1.2900. The EUR/GBP is setting itself up for its eighth day of gains as the pound continues to struggle. This comes after UK average earnings dropped more than expected yesterday.
The AUD/USD continues to struggle as China posts worsening industrial production this morning. The pair is falling for the third straight session below 0.6950.
The USD/CHF is unchanged after yesterday’s rebound from 1.0050. The EUR/CHF is also recovering after retaining the 1.1300 level.
The USD/JPY is unchanged after yesterday’s counter rally. The AUD/JPY is lower and testing support at 76.00. The EUR/JPY is rallying for the second straight day after holding the 1.2250. The GBP/JPY is following suit.
Coming up today
Today, we have Canadian inflation data at 12.30. At the same time, we get US retail sales.
FOMC member Quarles speaks at 13.30.
Trade Idea
The Australian dollar appears vulnerable as Chinese industrial production falters.
Morning Report: 07.00 London
This morning, the US dollar index is unchanged after two days of solid gains this morning, helping some dollar pairs to gain.
The EUR/USD is making small gains after holding the 1.1200 level yesterday. The GBP/USD is also attempting gains after further selling yesterday that pushed the pair towards 1.2900. The EUR/GBP is setting itself up for its eighth day of gains as the pound continues to struggle. This comes after UK average earnings dropped more than expected yesterday.
The AUD/USD continues to struggle as China posts worsening industrial production this morning. The pair is falling for the third straight session below 0.6950.
The USD/CHF is unchanged after yesterday’s rebound from 1.0050. The EUR/CHF is also recovering after retaining the 1.1300 level.
The USD/JPY is unchanged after yesterday’s counter rally. The AUD/JPY is lower and testing support at 76.00. The EUR/JPY is rallying for the second straight day after holding the 1.2250. The GBP/JPY is following suit.
Coming up today
Today, we have Canadian inflation data at 12.30. At the same time, we get US retail sales.
FOMC member Quarles speaks at 13.30.
Trade Idea
The Australian dollar appears vulnerable as Chinese industrial production falters.
This could lead to further downside and a good way to play this is a LOWER trade predicting that the AUD/USD will close below 0.6900 in 14 days for a potential return of 170%.
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