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Daily Report

Nov 22nd, 2017: Pound Steady Ahead of Budget

Morning Report: 07.00 London

This morning, the pound is steady ahead of the UK budget, with the GBP/USD managing to rise for the seventh straight day. The pound is falling slightly behind the euro though, with the EUR/GBP rising.

The EUR/USD is also making gains at the US dollar index weakens, despite ongoing uncertainty surrounding Germany’s ruling coalition.

By contrast, the Australian dollar is on the back foot following the release of the RBA minutes yesterday. The AUD/JPY is one of the days biggest sellers, with the NZD/USD falling in sympathy.

Yen pairs are generally lower, as the dollar loses ground to the yen.

Coming up today

The UK Autumn forecast statement is at 12.30.

US unemployment claims and core durable goods orders are at 13.30.

Revised UoM consumer sentiment is at 15.00.

Crude oil inventories are at 15.30.

At 19.00, we get the release of the FOMC meeting minutes.

New Zealand retail sales are at 21.45.

Trade Idea

The AUD/JPY’s winter unwind has continued this morning, with clear skies until the most likely resistance point at 84.00.

Nov 22nd, 2017: Pound Steady Ahead of Budget

A good way to play this is a TOUCH trade predicting that the AUD/JPY will touch 83.75 in 9 days for a potential return of 137%.

Nov 22nd, 2017: Pound Steady Ahead of Budget