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Daily Report

May 4th, 2018: Markets Quiet Ahead of Fed

Morning Report: 07.00 London

This morning, the dollar index remains on the back foot as traders pull away from the dollar ahead of today’s Non Farm Payrolls. Dollar pairs have enjoyed moderate gains, with the likes of the AUD/USD lifting off from the lows. The dollar index is peeling back from the 2018 highs once again this morning.

The EUR/USD and GBP/USD are unchanged this morning after mixed trading yesterday. The GBP/USD underperformed, with the EUR/GBP climbing higher.

Yen pairs are mixed, with a negative bias following yesterday’s selling in favour of the yen. The EUR/JPY and GBP/JPY continued their down trends.

Gold is unchanged after finding support in the $1305 region yesterday.

Coming up today

At 13.30 we have US non farm payrolls, released alongside average earnings and unemployment.

At 14.00, we have German Buba President Weidmann speaking.

Canadian Ivey PMI is at 15.00.

FOMC member Dudley speaks at 17.00, Williams speaks at 20.00 and Quarles speaks 22.30.

Trade Idea

The EUR/JPY continues to struggle, with 129.00 the next target.

May 4th, 2018: Markets Quiet Ahead of Fed

With the yen finding its feet, a good way to play this is a ONE TOUCH trade predicting that the EUR/JPY will touch 129.00 in the next 14 days for a potential return of 125%.

May 4th, 2018: Markets Quiet Ahead of Fed