Idea of the Day There was a decent bounce-back in the Aussie overnight, once again proving that although the Australian currency may be down, it’s certainly not giving up the fight. The move to near the 0.9000 level was more related to flows around an option expiry at 0.8950 today, with the weaker PMI data from China only having a very brief effect on the currency early on. The price action on the Aussie and also on the euro yesterday are indicative of an FX market dominated by flows and struggling to find a larger theme now that tapering has started, albeit modestly so. This could well characterise the coming month, given that we don’t see dollar strength coming through until later in the year. Data/Event Risks GBP: After firmer house price data overnight, the construction PMI data will be in focus at 09:30 GMT. The manufacturing data was a touch weaker yesterday, but sterling took the news in its stride. USD: Data is light today, but note that Fed Chairman Bernanke speaks later in the day. His term finishes at the end of this month, so views and speeches of replacement Janet Yellen now increasingly more important to listen to. Latest FX News GBP: The latest house price data firmer than expected at 1.4% MoM on the Nationwide measure, rising more than 8% annually. Sterling was suffering more than most yesterday in the face of a firmer dollar, with the market seemingly not in the mood to push to new highs on cable. EUR: We were mindful of the risk for euro correction lower yesterday, based on the fact that the temporary factors that had supported the euro into year-end were waning. Money market rates moved lower yesterday, but the 3M money market rate remains 9bp higher than it was when the ECB cut interest rates in November of last year. Gold: Recovering once again and now above levels prevailing when the Fed announced tapering in the middle of last month. If Asian gains are sustained, this is shaping up to be the best week for gold since mid-October. Further reading: ISM Manufacturing PMI remains strong at 57 points US jobless claims at 339K – within expectations FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next UK Construction PMI stands at 62.1 – GBP/USD unexcited Yohay Elam 9 years Idea of the Day There was a decent bounce-back in the Aussie overnight, once again proving that although the Australian currency may be down, it's certainly not giving up the fight. The move to near the 0.9000 level was more related to flows around an option expiry at 0.8950 today, with the weaker PMI data from China only having a very brief effect on the currency early on. The price action on the Aussie and also on the euro yesterday are indicative of an FX market dominated by flows and struggling to find a larger theme now that tapering has… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.