Morning Report: 08.30 London
- This morning’s main mover is the Japanese yen which is falling back for the fifth day in a row. The USD/ JPY is up 0.26% with other yen pairs such as the EUR/ JPY and AUD/ JPY up by 0.45%.
- The euro continues to hint at expectations for a positive outcome for the Greek debt negotiations, though today’s gains are small and could be reversed with one headline.
- Looking at other dollar pairs, the NZD/ USD is up 0.18% this morning, but has remained remarkably range bound for much of February.
Coming up today:
- The UK comes under focus today with a string of economic data points. This starts with manufacturing production and trade balance at 09.30. Improved readings are expected for both.
- At 12.00 we have the latest interest statement with no change expected. The big speculation surrounds the increase in quantitative easing which many are now expecting.
- The ECB rate statement follows with no change again expected at 12.45, though the press conference could once gain make for interesting listening.
- At 15.00, we have the latest UK GDP estimates.
Bet Idea:
- The NZD/ USD has halted is strong run up seen in January, trading in a tight range since the 1st of Feb. This is relatively unusual for a strong trend following pair, which presents an opportunity.
- An IN/ OUT trade predicting that the NZD/ USD will close outside of either 0.8275 or 0.8425 in 1 days time could return 155% if successful.
- You can find direct links to this trade idea here and here.
Summary:
