Your Currency Trade on Stronger PMI Data
Strong economic reports from several countries have this strategist thinking of a currency trade.
" 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.
MULTI CURRENCIES v The Dollar
Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.
Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class.
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