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Brexit Gains Fade for Sterling23 November 2018 by Dave Evans

Morning Report: 07.00 London

This morning, the dollar index continues to slide as risk appetite returns to global markets during the Thanksgiving lull.

The EUR/USD is on the front foot, bidding higher for the third day in a row. By contrast, the GBP/USD is slipping back as some of yesterday’s Brexit deal hopes return to the reality of a parliamentary vote. The EUR/GBP dropped steadily yesterday, erasing all of the week’s gains, but there are encouraging gains this morning so far.

The Aussie dollar continues to struggle though, lagging the euro after losses yesterday.

The USD/CAD extended its reversal from the highs yesterday, but there are small gains to be had this morning.

Yen pairs have a moderate negative bias, eating into some of yesterday’s gains made on most pairs with the exception of the USD/JPY.

Coming up today

Today, we have a slew of European Manufacturing and services PMI releases from Europe, starting with French data at 08.15, German data at 08.30 and pan European data at 09.00.

Canadian CPI is at 13.30, alongside core retail sales.

Trade Idea

The USD/JPY has been struggling for the past two days, but the long term trend remains promising for further upside.

Nov 23rd 2018: Brexit Gains Fade for Sterling

A good way to play this is a HIGHER trade predicting that the USD/JPY will close above 113.50 in 14 days for a potential return of 188%.

Nov 23rd 2018: Brexit Gains Fade for Sterling