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Dollar Soars on China-US Trade War Hopes21 May 2018 by Dave Evans

Morning Report: 07.00 London

This morning, the US dollar continues to dominate, with added fuel coming from hopes for a China-US trade deal. The US dollar index has hit its highs levels for the year as dollar pairs remain under pressure.

The EUR/USD is lower again, touching 1.1700 and falling for the sixth day in a row. The GBP/USD is under performing this morning, falling to its lowest level for 2018. The EUR/GBP rallied for the third day in a row.

Meanwhile, the Aussie dollar has gapped higher against the US dollar on hopes that the US-Chinese trade war won’t disrupt the Aussie economy. The AUD/JPY continues to trade higher after gapping at the opening.

The yen pairs generally continue to climb, USD/JPY is breaking 111.00 as the dollar dominates and the yen takes a back seat. The EUR/JPY is higher amid choppy trading, while the GBP/JPY gapped higher at the open, but still lags its peers.

Coming up today

We have a quiet day ahead today.

Trade Idea

Gold continues to soften as dollar pressure continues to drive the precious metal lower.

May 21st, 2018: Dollar Soars on China-US Trade War Hopes

There is more downside potential from here and good way to play this is a LOWER trade predicting that gold will close below $1275 in 21 days for a potential return of 179%.

May 21st, 2018: Dollar Soars on China-US Trade War Hopes