• The main mover this morning is the Australian dollar, after the RBA unexpectedly cut its benchmark interest rate by 0.25%. It is hoped that the move will rejuvenate the flagging Australian mining sector. Analysts were expecting no change today, so the Antipodean pairs have fallen hard as a consequence. Also this morning, the main UK House Price Index came in below estimates, while Spanish unemployment change rose to its highest level since March.

• The AUD/USD is down 0.55%, the AUD/JPY down 0.53%, with the NZD/USD down by 0.31%.

• Coming up today we have UK construction PMI at 09.30 with a rise to 50.0 expected.

Bet Idea:

• The Australian dollar has been coming off the boil for some time and this morning’s rate cut may push things lower again over the coming weeks. As the weekly chart below shows, the AUD/USD has room to fall further.

A good way to play this might be a LOWER trade predicting that the AUD/USD closes below 1.0200 in 14 days time for a potential return of 226%.