1.This morning, the British pound is on the back foot on reports that a deal with the EU has been scuppered by DUP objections to the Northern Irish border proposals. The GBP/USD is down 0.34%, while the GBP/AUD rallies by nearly 1%.
2.The pound is also making concessions against the euro this morning, helping the EUR/GBP to rally. The EUR/USD making small losses, while the EUR/JPY follow suit.
3.The Australian dollar is out-performing following the release of the RBA rate statement and better than expected retail sales. The AUD/JPY is up 0.71%, with the AUD/USD up 0.51%.
4.The dollar index has a positive bias, while the yen pairs are mixed.
Coming up today
Coming up today, we have UK services PMI at 09.30.
At 13.30, we get Canadian trade balance, released alongside US data.
At 15.00, we have ISM non-manufacturing PMI.
Trade Idea
The Australian dollar is performing well this morning, rallying for each of the last three days.
The medium term trend is still negative though and there is potential for a reversion to the prior trend.
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