There is no trade call today, as there has been no fresh news over the last 12 hours that is worthy of a trade.
Current Market Sentiment:
Yesterday’s key theme was a dissipation of the risk-off sentiment evident during the past fortnight. Yen was weaker across the board on the day, exacerbated by M&A flow involving a potential bid by Japanese insurer Mitsui for UK company Amlin for £3.5bn. This helped GBPJPY rally 360 pips from yesterday’s low to current price.
During Asia today, the Nikkei saw its best rally since 2008 on the back of a government announcement that corporate tax will be reduced in 2016. With a light calendar for the London session and Asian equities having edged higher, we are likely to see risk appetite remain in play for today and potentially a furthering of the yen weakness seen yesterday, which sees yen pairs retrace part of their recent aggressive sell-off.
The main event for the London session is UK Industrial Production, of which the key component is Manufacturing Production. Watch my weekly Forex news event’s overview here in order to learn more about interpreting this set of data.
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