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Nov 7th, 2017: Pound Steadies as Euro falters

Morning Report: 07.00 London

This morning, the pound is performing well relative to the euro. The GBP/USD has now erased more than half of last week’s losses, with the EUR/GBP rebounding and reversing three quarters of last week’s gains. Yesterday, the saw some soft economic data, while inflation concerns have boosted the pound.

The yen pairs have a positive bias, especially the GBP/JPY which continues to make gains. The USD/JPY is rising to challenge the October highs.

The Australian dollar is unchanged this morning after the RBA opted to keep rates on hold.

The USD/CAD continues to reverse as oil prices stabilise over $60 following the Saudi Arabian political shakedown.

Coming up today

Coming up today, we have UK Halifax HPI at 08.30.

At 09.00, ECB President Draghi speaks.

FOMC member Quarles speaks at 17.35.

BOC governor Poloz speaks at 17.55.

Fed Chair Yellen speaks at 19.30.

Trade Idea

The recent euro weakness and dollar strength has the EUR/USD set to regain its down trend and challenging more of the July rally.

Nov 7th, 2017: Pound Steadies as Euro falters

A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.1550 in 14 days for a potential return of 171%.

Nov 7th, 2017: Pound Steadies as Euro falters