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Daily Report

Dec 6th, 2017: Aussie Slumps on GDP Miss

Morning Report: 07.00 London

This morning, the Australian dollar is on the back foot after Aussie GDP came in below estimates this morning. The AUD/JPY is now down 0.75%, with the AUD/USD down 0.33%.

The dollar pairs generally have a positive bias as the dollar index slips back. The NZD/USD is outperforming, breaking away from the pressures on the AUD/USD.

The pound is trading higher in line with other pairs this morning, but has some way to go to recover from yesterday’s losses on the back of poor services PMI data.

The yen pairs are negative this morning, with the GBP/JPY now down for three days in a row on Brexit negotiation failures.

Coming up today

Coming up today, we have US ADP non-farm employment change at 13.15.

Canadian labour productivity is at 13.30.

At 15.00, we get the BOC rate statement and overnight rate.

US crude oil inventories are released at 15.30.

Trade Idea

The AUD/JPY is slipping lower this morning as the Aussie economy shows signs of weakness.

Dec 6th, 2017: Aussie Slumps on GDP Miss

With further downside on the cards, a good way to play the situation is a LOWER trade predicting that the AUD/JPY closes below 84.00 in 21 days for a potential return of 222%.

Dec 6th, 2017: Aussie Slumps on GDP Miss