Havens are in demand this morning as risk taking takes a back seat on global trade fears. The yen is the biggest winner, with the USD/JPY hitting its lowest level since the start of February. Other yen pairs are extending their recent sorry runs, with the GBP/JPY dropping further below 138.00. The EUR/JPY is enduring a torrid run and is set for its lowest closing level for 2019. The AUD/JPY is also slipping below the May lows at 75.50.
The Swiss franc is also enjoying gains, forcing the USD/CHF lower to test the 1.0050 level. The EUR/CHF is struggling for the third day in a row.
The dollar is struggling though, with the US dollar index slipping back from the highs. Dollar pairs are enjoying gains, with the AUD/USD bouncing after holding 0.6900. The EUR/USD is making small gains at the end of a poor week, meanwhile the GBP/USD is unchanged at the lows, while the EUR/GBP is holding at the highs.
Coming up today
At 12.30, we get US personal spending and core PCE price index.
Canadian GDP and RMPI are at 12.30.
Chicago PMI is at 13.45.
Revised UoM Consumer Sentiment is at 14.00
FOMC member Williams speaks at 16.00.
Trade Idea
The AUD/JPY has been hit by this morning’s poor Chinese manufacturing PMI.
Morning Report: 07.00 London
Havens are in demand this morning as risk taking takes a back seat on global trade fears. The yen is the biggest winner, with the USD/JPY hitting its lowest level since the start of February. Other yen pairs are extending their recent sorry runs, with the GBP/JPY dropping further below 138.00. The EUR/JPY is enduring a torrid run and is set for its lowest closing level for 2019. The AUD/JPY is also slipping below the May lows at 75.50.
The Swiss franc is also enjoying gains, forcing the USD/CHF lower to test the 1.0050 level. The EUR/CHF is struggling for the third day in a row.
The dollar is struggling though, with the US dollar index slipping back from the highs. Dollar pairs are enjoying gains, with the AUD/USD bouncing after holding 0.6900. The EUR/USD is making small gains at the end of a poor week, meanwhile the GBP/USD is unchanged at the lows, while the EUR/GBP is holding at the highs.
Coming up today
At 12.30, we get US personal spending and core PCE price index.
Canadian GDP and RMPI are at 12.30.
Chicago PMI is at 13.45.
Revised UoM Consumer Sentiment is at 14.00
FOMC member Williams speaks at 16.00.
Trade Idea
The AUD/JPY has been hit by this morning’s poor Chinese manufacturing PMI.
There could be further downside from here and a good way to play this is a LOWER trade predicting that the AUD/JPY will close below 75.50 for a potential return of 141%.
Related Posts: