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Aussie Slumps on Leadership Turmoil23 August 2018 by Dave Evans

Morning Report: 07.00 London

The Australian dollar is struggling as the Australian government seeks to control the chaos of a potential coup. The AUD/USD is down 0.84%, with the AUD/JPY off by 0.57%.

The US dollar is stronger overall, reversing the losses suffered made over the last seven days. The EUR/USD has reversed yesterday’s gains, while the GBP/USD is following suit.

The USD/CHF sunk to just above 0.9800 yesterday, but has now rebounded to above 0.9850. The USD/CAD is also reversing yesterday’s losses as the US dollar regains its poise.

The yen pairs are mixed, with the USD/JPY higher for the third day in a row. The GBP/JPY and EUR/JPY are unchanged though despite yesterday’s rally.

Gold is reversing this morning, back in the long term direction below $1200.

Coming up today

We have a slew of European manufacturing and services PMI releases today, starting with French data at 08.15, German data at 08.30 and pan European data at 09.00.

The ECB monetary policy meeting account minutes are at 12.30.

Trade Idea

Gold is back on the losing path this morning, well below $1200 as the dollar regains ground.

August 23rd, 2018: Aussie Slumps on Leadership Turmoil

Further downside is on the cards and a good way to play this is a LOWER trade predicting that gold will close below $1180 in 14 days for a potential return of 189%.

August 23rd, 2018: Aussie Slumps on Leadership Turmoil