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May 10th, 2018: Dollar Hurt By Oil Surge

Morning Report: 07.00 London

This morning, the US dollar index is on the back foot as money flows into the safety of the Japanese yen. Traders are seeking out safer harbours especially in emerging markets after the Malaysian opposition sprung a surprise election victory.

The GBP/USD and EUR/USD are rising after weeks of losses, while the AUD/USD builds on yesterday’s gains.

The USD/CAD continues to sell-off after hefty losses yesterday on the back of an Iran fuelled oil price surge.

Even the USD/CHF looks to be peeling back from the highs.

Yen pairs are mixed after hefty gains made yesterday. The USD/JPY is on the back foot, while the EUR/JPY and GBP/JPY build on yesterday’s gains.

Coming up today

It is a bank holiday in France and Germany.

UK manufacturing production is at 09.30, released at the same time is UK goods trade balance.

UK BOE inflation report, the MPC monetary policy and official bank rate are at 12.00. At the same time we have the asset purchase facility.

At 13.30, we have US CPI and unemployment claims.

Trade Idea

The Canadian dollar has picked up momentum as the Iran deal falters. Meanwhile the euro continues to struggle, forcing the EUR/CAD lower.

May 10th, 2018: Dollar Hurt By Oil Surge

A good way to play this is a LOWER trade predicting that the EUR/CAD will close below 1.5200 in 14 days for a potential return of 105%.

May 10th, 2018: Dollar Hurt By Oil Surge