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Dollar backs off the pace as pound lags13 July 2018 by Dave Evans

Morning Report: 07.00 London

The US dollar has lifted off the pace somewhat, though dollar pairs are mixed in their reaction. The AUD/USD is capitalising on this and building on yesterday’s gains. The GBP/USD and EUR/USD are subdued however, with the pound marking three days of gains against the dollar.

The USD/CHF is unchanged after rising sharply towards the highs yesterday. Meanwhile, the USD/CAD lost ground yesterday and is unchanged this morning as oil prices firm.

The USD/JPY is unchanged after reaching a high of 112.75 overnight.

Gold remains just above support around $1240, while silver also looks poised for another test of the lows after two attacks of $15.80 already in July.

Coming up today

Today, we have MPC member Cunliffe speaking at 12.00.

Preliminary US Consumer Sentiment is at 15.00.

Trade Idea

Gold may have found support at $1240 recently, with this level stretching back to December. However, the dollar index remains strong, meaning the $1240 level could well be broken in the near term.

July 13th, 2018: Dollar backs off the pace as pound lags

A good way to play this is a ONE TOUCH trade predicting that gold will touch $1230 in the next 10 days for a potential return of 102%.

July 13th, 2018: Dollar backs off the pace as pound lags