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Daily Report

Dec 22nd, 2017: Dollar Hit by GDP Miss

Morning Report: 07.00 London

This morning, the US dollar index remains under pressure after GDP and unemployment claims came in below expectations yesterday.

The dollar pairs have a positive bias, with the euro recovering after being hit yesterday. The EUR/USD slipped lower this morning, but has recovered to post gains.

The AUD/USD continues to perform well, building on recent gains, while the NZD/USD is up after indifferent trading yesterday.

The USD/CAD is unchanged this morning after two days of losses after Canadian data impressed.

Yen pairs continue to perform well, making impressive gains yesterday and recovering November’s losses.

Coming up today

Coming up today, we have UK current account data at 09.30. Final GDP at 09.30.

Canadian GDP is at 13.30, released alongside US core durable goods orders, core PCE price index and personal spending.

US new home sales are at 15.00, released alongside US revised UoM consumer sentiment.

Trade Idea

The Canadian dollar is performing well at present as we hit peak season for oil prices. At the same time, the US dollar is struggling on indifferent US data.

Dec 22nd, 2017: Dollar Hit by GDP Miss

A good way to play this is a LOWER trade predicting that the USD/CAD will close below 1.2700 in 14 days for a potential return of 115%.

Dec 22nd, 2017: Dollar Hit by GDP Miss