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Pound Leads Ahead of Busy Week30 July 2018 by Dave Evans

Morning Report: 07.00 London

Markets are generally quiet ahead of a busy week for world currencies. We have major announcements from the BoJ, Fed and BOE alongside major economic releases from the US with Non Farm Payrolls. The pound is out-performing, with the GBP/USD unchanged while the EUR/USD falls. The GBP/JPY is making small counter trend gains. The EUR/GBP has gapped below 0.8900 at the open. This comes ahead of today’s net lending to individuals from the UK.

The AUD/USD is on the back foot as the pair remains stuck within a rangebound pattern. The USD/CHF is on the rise as the US dollar dominates again. The dollar is losing ground against the Canadian dollar however.

The yen pairs generally have a positive bias this morning, led by a counter trend rally from the GBP/JPY and the EUR/JPY. The EUR/JPY remains within its short term rangebound pattern. The USD/JPY is stabilising just above 111.00

Gold is back on the back foot as the dollar remains on top.

Coming up today

Today we have the Swiss KOF economic barometer at 08.00.

Spanish Flash CPI is also at 08.00.

UK net lending to individuals is at 09.30.

Trade Idea

Gold continues to struggle in the face of higher dollar levels. With a slew of economic data due this week, we’re likely to see volatility in prices that could push gold prices lower.

July 30th, 2018: Pound Leads Ahead of Busy Week

A good way to play this is a LOWER trade predicting that gold will close below $1200 in 30 days for a potential return of 241%.

July 30th, 2018: Pound Leads Ahead of Busy Week