Read the Daily Market Report from Dave Evans, Professional Trader
Markets plunge as fiscal cliff looms
Morning Report: 08.30 London• US stock market futures experienced a sharp fall in the early hours of the morning as news broke that a crucial vote will not take pl ace this week. If a plan is not agreed to improve the US debt position, a worst case scenario series of automatic tax increases and spending cuts have to be imposed. Whether there is a chance of last minute negotiations is unclear, but for now markets are off the morning’s panic low, though still well down on last night’s close.
• This morning, we have UK current account figures at 09.30, with public sector net borrowing figures and final GDP released at the same time.
• From 13.30, we switch to North America where fiscal cliff talks will no doubt direct proceedings. We start with Canadian GDP and CPI date. US core durable goods data is released at the same time, with personal spending data released at the same time. Bet Idea :
• While markets have dropped this morning, the outcome of the US fiscal cliff talks is still in the balance. If talks do collapse, the could be further sharp falls to come for the main risk on pairs such as the AUD/JPY.
Morning Report: 08.30 London• US stock market futures experienced a sharp fall in the early hours of the morning as news broke that a crucial vote will not take pl
ace this week. If a plan is not agreed to improve the US debt position, a worst case scenario series of automatic tax increases and spending cuts have to be imposed. Whether there is a chance of last minute negotiations is unclear, but for now markets are off the morning’s panic low, though still well down on last night’s close.
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• The yen pairs are the big movers as traders seek out safer havens. The EUR/JPY is down 0.84%, with the AUD/JPY down by 0.79%.
• The dollar pairs are also falling with the NZD/USD the biggest moving dollar pair, the euro is also suffering.
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Coming up today:
• This morning, we have UK current account figures at 09.30, with public sector net borrowing figures and final GDP released at the same time.
• From 13.30, we switch to North America where fiscal cliff talks will no doubt direct proceedings. We start with Canadian GDP and CPI date. US core durable goods data is released at the same time, with personal spending data released at the same time.
Bet Idea
:
• While markets have dropped this morning, the outcome of the US fiscal cliff talks is still in the balance. If talks do collapse, the could be further sharp falls to come for the main risk on pairs such as the AUD/JPY.
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A good way to play this could be a ONE TOUCH trade predicting that the AUD/JPY will touch 86.00 in 13 days for a potential return of 229%.
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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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