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Daily Report

October 16th, 2017: Euro Softer on Austria’s Right Turn

Morning Report: 07.00 London

This morning, the euro is trading lower after Austria opted to elect the world’s youngest leader at 31, with the far right freedom party scoring its best results in two year. The EUR/GBP is trading lower again, while EUR/USD slips for the third day in a row.

Dollar pairs are on the back foot generally with the exception of the NZD/USD which gapped higher this morning. The pound is holding its own though ahead of tomorrow’s inflation data.

The dollar index is nudging higher as the dollar recovery continues.

The USD/JPY is unchanged so far, with the USD/JPY gapping higher this morning.

Gold is pausing a potentially on the back foot for the first time in seven session.

Coming up today

At 13.30 today, we get Canadian foreign securities purchases, alongside US Empire State Manufacturing Index at 13.30.

At 15.30, we get the BOC business outlook survey.

Trade Idea

The AUD/USD shot high last week, but this was against the medium term trend.

October 16th, 2017: Euro Softer on Austria’s Right Turn

This morning’s reversal could gather strength and a good way to play this is a LOWER trade predicting that the AUD/USD will close below 0.7825 in 14 days

October 16th, 2017: Euro Softer on Austria’s Right Turn