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Aussie Surges on GDP Surprise06 June 2018 by Dave Evans

Morning Report: 07.00 London

The Australian dollar is dominating currency movements this morning after GDP came in above estimates at 1%. The AUD/JPY is up 0.69%, with the AUD/USD up 0.63%. The EUR/AUD has reversed most of yesterday’s gains and is heading for 1.5300.

In Europe, the EUR/GBP is making small gains this morning after sizeable losses against the euro yesterday. Both the EUR/USD and GBP/USD are on the rise, with the latter building on yesterday’s advances. The dollar index is off for the third day in a row.

The USD/CHF has continued to reverse, helped by the weaker dollar and stronger yen.

The yen pairs are on the rise, with the USD/JPY higher and both the EUR/JPY and GBP/JPY rising for the sixth straight day.

Coming up today

This morning, we have MPC member Tenreyro speaking at 11.40.

Canadian trade balance is at 13.30, released alongside building permits.

US crude oil inventories are at 15.30.

MPC member McCafferty speaks at 17.00.

Trade Idea

The Swiss franc continues to appreciate, aided by the weakness in the US dollar. This trend looks set to continue.

June 6th, 2018: Aussie Surges on GDP Surprise

A good way to play this is a LOWER trade predicting that the USD/CHF will close below 0.9800 in 14 days for a potential return of 134%.

June 6th, 2018: Aussie Surges on GDP Surprise