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Nov 17th, 2017: Dollar Retreats on Subpoena Talk

Morning Report: 07.00 London

The dollar index is on the back foot this morning on talk of Trump team members being under subpoena as part of the investigation into Russian interference. Yesterday’s poor jobless claims data has not helped.

The weak euro has helped some dollar pairs, notably the GBP/USD and EUR/USD which are climbing higher.

By contrast, the Australian dollar is struggling, alongside the NZD/USD as both currencies significantly underperform.

Yen pairs are on the back foot as money flows from the dollar into the yen, with the AUD/JPY one of the day’s biggest losers.

Coming up today

Today, we have ECB president Draghi speaking at 08.30.

Buba president Weidmann speaks at 13.00.

At 13.30, we have US building permits and housing starts, released alongside Canadian inflation data including CPI.

Trade Idea

The AUD/JPY downswing is getting firmly into gear, with more downside as the Australian dollar continues to weaken.

Nov 17th, 2017: Dollar Retreats on Subpoena Talk

A good way to play this is LOWER trade predicting that the AUD/JPY will close below 85.00 in 14 days for a potential return of 101%.

Nov 17th, 2017: Dollar Retreats on Subpoena Talk