• English

Daily Report

Nov 29th, 2017: Pound Rallies on Brexit Divorce Bill

Morning Report: 07.00 London

This morning, the pound remains strong after reports emerge of Brexit deal upwards of 50 million euros. The pound rallied yesterday against the euro, forcing the EUR/GBP lower yesterday and this morning. The pound is now at his highest level since the start of October.

The euro fell yesterday by contrast, but is recovering tomorrow.

The Australian dollar remains weak, as the AUD/USD continues to drip lower. The AUD/JPY is lower again this morning after rallying yesterday in line with other yen pairs.

The yen pairs are generally lower today after a positive session yesterday.

The dollar index rallied yesterday on better than expected US consumer confidence, but is pulling back this morning.

Coming up today

Coming up today, we have Spanish flash CPI at 08.00

At 09.30, we get UK net lending to individuals.

At 13.30, we get US preliminary UK GDP. FOMC member Dudley speaks at the same time.

At 14.00, BOE governor Carney speaks, with MPC member Ramsden speaking at 14.45.

US Fed chair Yellen testifies at 15.00, we pending home sales released at the same time.

Crude oil inventories are released at 15.30.

Trade Idea

The AUD/USD continues to dribble lower, despite a weakening US dollar.

The long term trend remains negative and it has paid to side with this over the medium to long term.

Nov 29th, 2017: Pound Rallies on Brexit Divorce Bill

A good way to play this is a LOWER trade predicting that the AUD/USD will close below 0.7575 in 14 days for a potential return of 126%.

Nov 29th, 2017: Pound Rallies on Brexit Divorce Bill