Morning Report: 08.30 London
- This morning, the yen is continuing its snap rebound after a sharp slump at the beginning of the week. The USD/ JPY is heading back towards the 77.00 region after pushing above 78.00 just two days ago.
- Other yen pairs are following suit with the EUR/ JPY the weakest of the bunch, down 0.56% this morning. The AUD/ JPY is not far behind, down 0.50%.
- This is adding further pressure on the dollar index which continues its slump ten day slump. The falls this morning are small, with mixed trends so far this morning. The EUR/ USD is down slightly while the NZD/ USD continues to advance, up 0.18%. With debt negotiations ongoing and the rhetoric stepping up at the World Economic Forum, there could still be room for some volatility on the euro today.
Coming up today:
- Coming up today we have European M3 Money Supply at 09.00 with a slight increase expected.
- ECB President Draghi speaks at 13.15.
- US Advance GDP figures are released at 13.30 with relatively solid increase of 3% expected by analysts.
Bet Idea:
- The USD/ CAD hit parity (1.0000) for the first time since the end of October. The pair has a habit of rebounding off key levels at the first time of asking so there could be room for upside here, especially with the dollar having been under so much pressure.
- A good way to play this might be a HIGHER trade predicting that the USD/ CAD closes higher than 1.0050 in 3 days time could return 181% if successful.
- You can find direct links to this trade idea here and here.
Summary:
