1. This morning, the euro is recovering some of the ground lost this week despite yesterday’s poor European CPI data. The EUR/USD is up 0.2%, with the EUR/JPY slightly higher and the EUR/GBP rallying for the first time in five sessions.
2. The pound is lagging the euro, but remains positive against the dollar and yen, with the GBP/USD extending its rally yesterday on gathering hope for a Brexit deal.
3.The NZD/USD continues to underperform with minor losses this morning on the back of yesterday’s heavy losses on diminished interest rate expectations. The Aussie is slightly higher by contrast, with the AUD/JPY building on yesterday’s strength. This comes despite this morning’s poor Chinese economic data.
4.Yen pairs are generally higher, with the USD/JPY now erasing last Friday’s losses.
5.The USD/CAD is slipping back as oil prices come off the boil.
Coming up today
1.Today, we have UK manufacturing PMI at 09.30.
2.At 13.30, we get Canadian employment change, GDP and the latest unemployment rate.
3.At 14.30, we get FOMC member Kaplan speaking.
4.US ISM Manufacturing is released at 15.00.
5.FOMC member Harker speaks at 15.15.
Trade Idea
The dollar pairs are generally higher without the marked exception of the NZD/USD which is struggling again. The Kiwi is suffering on the twin factors of poor Chinese data and interest rate expectations being set back.
With the US dollar making gains on the back of tax hopes, we could see more NZD/USD downside from here.
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