Aussie Pulls Ahead As Dollar Declines
Morning Report: 09:00 London• This morning, the Australian and New Zealand dollars have extended their recent gains after big plunge in the dollar index yesterday.
• Stock markets are steady at the highs while the dollar index continues to slip.
• The euro in particular saw sizeable gains yesterday, with more interest this morning.
• Commodities have continued to ease as the situation in Ukraine de-escalates further.
Coming up today:
• The big ticket this morning is the Non Farm Payrolls from the US around 13.30. It’s going to be an explosive time, with Canadian employment data released at the same time, alongside trade balance and unemployment rates.
• Before this we have UK consumer inflation expectations as and German industrial production.
Trade Idea:
• Gold has been rangebound since the Ukraine crisis broke despite yesterday’s big decline in the dollar index.
• The precious metal is still running a little hot though, so there could be an opportunity for a breakout weighted to the down side.
An IN/OUT trade predicting that gold closes outside of either $1300 or $1370 in 7 days time could return 216%.
Note: This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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