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Dollar Steady After Wild Wall Street Ride30 October 2018 by Dave Evans

Morning Report: 07.00 London

The dollar index is steady after making strong gains yesterday while the Dow Jones dropped more than 200 points at one point. Trump has toned down his trade war threats, helping the dollar and punishing the Chinese Renminbi to new lows.

The dollar pairs are mixed this morning, with the AUD/USD bouncing and recovering most of yesterday’s losses. Meanwhile, the GBP/USD and EUR/USD are lagging remaining at the lows.

The Canadian dollar is finding strength however, slipping back from the highs this morning.

The US dollar is holding ground against the Swiss franc though, with the USD/CHF maintaining its position above the parity line.

Interest in the yen is waning, with the USD/JPY rallying for the second straight day. Meanwhile, the EUR/JPY is bouncing off the lows, as is the GBP/JPY. The top performer this morning is the AUD/JPY which has made good the losses from the last two sessions.

Coming up today

Today we have KOF Swiss economic barometer.

At 10.00, we have European preliminary flash GDP.

US Consumer Confidence is at 14.00.

BOC governor Poloz speaks at 19.30.

Trade Idea

The dollar may be stalling this morning, but the EUR/USD remains in a very weak position, with further downside potential.

October 30th 2018: Dollar Steady After Wild Wall Street Ride

A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.1300 in 14 days for a potential return of 210%.

October 30th 2018: Dollar Steady After Wild Wall Street Ride