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Feb 1st, 2018: Steady Fed Helps Support Dollar

Morning Report: 07.00 London

The dollar is on the rise this morning, supported by an in-line Final Fed meeting for departing chair Janet Yellen. Dollar pairs are on the back foot, with the AUD/USD leading the fallers, down 0.48%.

Most other dollar pairs are lower, with the EUR/USD and GBP/USD falling by the same measure. The NZD/USD is reversing lower, in line with the AUD/USD. Meanwhile, the USD/CHF and USD/CAD are both rising.

The yen pairs are on the rise, led by the GBP/JPY which is posting its third straight day of gains. The USD/JPY is rising for the second day off the lows.

Gold is slipping from the highs by contrast.

Coming up today

Coming up today, we have UK manufacturing PMI at 09.30.

At 13.30, we have US preliminary non farm productivity, preliminary unit labor costs and unemployment claims.

At 15.00, we have ISM manufacturing PMI.

Trade Idea

Despite Brexit uncertainty, the GBP/JPY is still within touching distance of the highs.

With the yen on the back foot, there could be more upside for the pair form here.

Feb 1st, 2018: Steady Fed Helps Support Dollar

A good way to play this is a HIGHER trade predicting that the GBP/JPY will close above 156.50 in 14 days for a potential return of 139%.

Feb 1st, 2018: Steady Fed Helps Support Dollar