Your Currency Trade on Stronger PMI Data
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Strong economic reports from several countries have this strategist thinking of a currency trade.
Looking for a way to use currencies to play the risk-on stock rally? Todd Gordon, co-head of research and trading at Aspen Trading Group, has a suggestion.
" he says, pointing to new indications of economic health in the form of PMI data from Britain, China, and elsewhere. "If you want to be long stocks, you can be long the Norwegian krone. It's sort of the apple of the FX market."
Gordon told CNBC's Scott Wapner he wants to sell the dollar against the krone to trade on the new economic reports. He recommends entering the trade at 5.6780 with a stop at 5.7500 and a target of 5.5000.
You can watch the discussion on this video.
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MULTI CURRENCIES v The Dollar
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