Currency Markets, Aussie dollar slips on poor trade balance data

By: Regent_Markets

This morning the Australian dollar is the day's biggest faller, with the AUD/USD and AUD/JPY dropping 0.65%. Worse than expected trade balance figures are the main catalyst for the move.

The Canadian dollar is pushing slightly higher in sympathy, with the USD/CAD up 0.28%.

The EUR/USD is down slightly this morning, though it’s worth noting the range bound trading seen in the last few days.

Gold is pulling back after hitting a high of $1798.42 last night, down 0.38% this morning.

This morning we have European financial ministers meeting at the ECOFIN conference, meeting with renewed importance. The main morning announcement is UK manufacturing due at 09.30 with an improved reading of 0.2% on the cards. Next up we have Canadian housing starts due at 13.15 with Swiss National Bank chair Hildebrand speaking at 13.30. Through the afternoon we have a number of middle tier US points of note including the GDP estimate at 15.00 and Fed members speaking from 18.00.

The EUR/USD rallied strongly in the immediate aftermath of the big European summit, then subsequently sunk lower as traders found the conclusions lacking in significant detail. A few days and things have got better not worse, yet the EUR/USD remains tightly range bound with the 5 day Average True Range dropping sharply.

The current malaise is unlikely to last forever, so a good way to play this at http://info.betonmarkets.com/marketoracle might be an IN/OUT trade predicting that the EUR/USD closes outside of either 1.3500 or 1.4000 in 3 days time (Nov 11th) for a potential return of 185%.

Summary:

Dave Evans
Email: editor@my.regentmarkets.com
Url: www.BetOnMarkets.com

With BetOnMarkets, you can trade an ever increasing list of globally traded stocks, indices, commodities and forex currency pairs from one account using a uniquely LOW RISK trading platform that lets you lock in your level of risk and exact return BEFORE you commit to a trade. You can bet on over 100 currency pairs, indices, commodities and stocks with bets ranging from 30 seconds up to 360 days. You can fund your account with as little as $5 and bet for just $1 and its unique "fixed returns" service means you know exactly how much you stand to win or lose before you commit any money. If you are looking for a low cost, low risk way to participate in the markets, then BetOnMarkets is for you. Check us out now at www.BetOnMarkets.com

Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Do your own due diligence.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.