Read the Daily Market Report from Dave Evans, Professional Trader
Morning Report: Yen volatile as foreign bonds ruled out.
Morning Report: 08.30 London• This morning, the Japanese yen continues to be at the centre of volatility after Bank of Japan Aso ruled out the purchasing of foreign bonds, a move that has seen the yen strengthen this morning.
• The EUR/ JPY is down, 0.59%, with the USD/ JPY down 0.53% and the GBP/ JPY down 0.42%.
• Coming up today we have a Spanish bond auctions and elections in Italy. Both events will be watched closely by market traders. • The morning’s main item is German ZEW economic sentiment, with pan European ZEW released at the same time. & bull; At 13.30 we have Canadian data including wholesale sales.
Bet Idea:
• Gold continues to sell off after key hedge funds offloaded some of their holdings in gold ETFs. The precious metal is now extremely over sold in the short term, though only mildly over sold in the medium term.
• Therefore there is potential for a short term bounce and a HIGHER trade might be the best way to play this. Keeping positions light could be sensible until gold is also over sold in the medium term.
Morning Report: 08.30 London• This morning, the Japanese yen continues to be at the centre of volatility after Bank of Japan Aso ruled out the purchasing of foreign bonds, a move that has seen the yen strengthen this morning.
• The EUR/ JPY is down, 0.59%, with the USD/ JPY down 0.53% and the GBP/ JPY down 0.42%.
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• The Australian dollar continues to show relative strength with the AUD/ USD up 0.27%.
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Coming up today:
• Coming up today we have a Spanish bond auctions and elections in Italy. Both events will be watched closely by market traders.
• The morning’s main item is German ZEW economic sentiment, with pan European ZEW released at the same time.
&
bull; At 13.30 we have Canadian data including wholesale sales.
Bet Idea:
• Gold continues to sell off after key hedge funds offloaded some of their holdings in gold ETFs. The precious metal is now extremely over sold in the short term, though only mildly over sold in the medium term.
Click here to view full-sized image
• Therefore there is potential for a short term bounce and a HIGHER trade might be the best way to play this. Keeping positions light could be sensible until gold is also over sold in the medium term.
A HIGHER trade predicting that gold closes above $1635 in 7 days time could return 268% if successful.
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This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
Summary:
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