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Dollar on Top as Aussie Retail Sales Slip08 May 2018 by Dave Evans

Morning Report: 07.00 London

This morning, the US dollar is firmly in the driving seat, with dollar pairs such as the AUD/USD falling further overnight. Aussie retail sales dropped more than expected, while Chinese trade balance disappointed. The AUD/USD is off by 0.25%, while the AUD/JPY continues its steady down trend.

The Swiss Franc continues to crumble against the dollar, with the USD/CHF trading firmly above parity.

The EUR/USD is continuing its down trend, testing the 1.1900 levels, while the EUR/JPY breaks 130.00 to the downside after falling for nine straight sessions.

The EUR/GBP dropped heavily yesterday as the pound firmed despite ongoing Brexit worries. The GBP/USD is dropping through after rising yesterday.

The USD/CAD has a positive bias as oil prices are pressured as Trump reaches an Iran deal.

Coming up today

Coming up today, we have Fed Chair Powell speaking at 08.15.

UK Halifax HPI is at 08.30.

The Aussie Annual budget release is at 10.30.

President Trump speaks at 19.00.

Trade Idea

The EUR/USD continues to weaken in the face of the ever-strong US dollar. Further downside is on the cards as momentum remains against the euro.

May 8th, 2018: Dollar on Top as Aussie Retail Sales Slip

A good way to play this is a LOWER trade predicting that the EUR/USD will close BELOW 1.1900 in 14 days for a potential return of 116%.

May 8th, 2018: Dollar on Top as Aussie Retail Sales Slip