Oct 24th 2016: Aussies Leads with Moderate Gains

• After a moderate week on the economic news front, markets are still finding their feet for the new week. The dollar index is slipping back from the highs slightly, while the USD/JPY is showing a similar trend.

• The main mover is the Australian dollar which is performing well in line with other dollar pairs.

• The NZD/USD is trading higher in sympathy.

• Meanwhile, the euro continues to struggle, with the EUR/GBP continuing to drop lower despite the record falls in the pound.

Coming up today: 

• Coming up today, we have French flash manufacturing & services PMI at 08.00, followed by German data at 08.30, then pan-European data at 09.00.
• Canadian wholesale sales follow at 13.30.
• BOC Governor Poloz Speaks at 20.30.

Trade Idea: 

• The euro and the Aussie continue to head in different directions, with the Aussie catching the Chinese relief rally (relief that things haven’t collapsed yet).

• A good way to play this is a LOWER trade predicting that the EUR/AUD will close below 1.4200 in 14 days for a potential return of 122%.

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