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Aussie Gains on RBA04 September 2018 by Dave Evans

Morning Report: 07.00 London

The Australian dollar is on the rise this morning despite an uneventful RBA meeting which at least didn’t provide any dovish shocks. The AUD/USD is rising again off support around 0.7200, while the AUD/JPY is similarly rising off 80.00.

The pound remains soft after the GBP/USD gapped lower on Brexit fears yesterday, while the EUR/GBP is unchanged after a surge back towards the highs.

The EUR/USD itself is not without its struggles though as fear’s over Italy’s economy mount amid wider risk aversion to troubled economies at the periphery. The EUR/JPY is still managing to make gains however.

The USD/CHF is making gains as the dollar regains ground against the Swiss franc.

Meanwhile, the USD/CAD continues to rise as the dollar makes up ground against the Canadian dollar despite oil prices solidifying.

Coming up today

Today we have RBA Governor Lowe speaking at 10.30

UK inflation report hearings are at 13.15.

ISM Manufacturing PMI is at 15.00.

Trade Idea

Gold continues to drift lower despite ongoing threats to emerging markets.

This could speak to an underlying weakness in gold interest at present and a recovering dollar could push gold prices even lower.

September 4th, 2018: Aussie Gains on RBA

A good way to play this is a LOWER trade predicting that gold will close below $1185 in 21 days for a potential return of 178%.

September 4th, 2018: Aussie Gains on RBA