Read the Daily Market Report from Dave Evans, Professional Trader
Fed minutes send dollar tumbling Morning Report: 08.00 London
• Last night, the release of the minutes from the last Federal Reserve meeting sent the US dollar tumbling. The notes appeared to suggest that the Fed is ready to inject more stimulus into the economy in the next meeting. This flood of money is bad news for the US dollar, but good news for gold which has rallied hard as traders look for an inflation hedge. Gold is up another 0.57% this morning.
• This morning we have a slew of European manufacturing and services PMI data points with German data at 08.30 followed by Eurozone at 09.00.
• At 09.30 we have UK BBA mortgage approvals. At 11.00 we have UK CBI realised sales.
• US unemployment claims follow at 13.30 with no significant change expected.
Bet Idea:
The British pound has been riding high in the last few days, as the news flow from Europe dissipates and the Fed seems poised to turn on the printing press. While the latter may be welcome, t he Greek economy is still a problem that is smouldering in the background. While this doesn’t impact the UK directly, the pound and euro have been closely tied throughout the crisis. As the pound has out performed the euro this week, it could also have further to fall.
Morning Report: 08.00 London
• Last night, the release of the minutes from the last Federal Reserve meeting sent the US dollar tumbling. The notes appeared to suggest that the Fed is ready to inject more stimulus into the economy in the next meeting. This flood of money is bad news
for the US dollar, but good news for gold which has rallied hard as traders look for an inflation hedge. Gold is up another 0.57% this morning.
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• The USD/JPY is d
own slightly this morning, as is the dollar index with most of the selling taking place last night.
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• Commodity currencies are also performing well, with the NZD/USD up another 0.32%.
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• The euro and British pound saw some of the strongest buying interest yesterday, with the GBP/USD hitting its highest levels since May.
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Coming up today:
• This morning we have a slew of European manufacturing and services PMI data points with German data at 08.30 followed by Eurozone at 09.00.
• At 09.30 we have UK BBA mortgage approvals. At 11.00 we have UK CBI realised sales.
• US unemployment claims follow at 13.30 with no significant change expected.
Bet Idea:
The British pound has been riding high in the last few days, as the news flow from Europe dissipates and the Fed seems poised to turn on the printing press. While the latter may be welcome, t
he Greek economy is still a problem that is smouldering in the background. While this doesn’t impact the UK directly, the pound and euro have been closely tied throughout the crisis. As the pound has out performed the euro this week, it could also have further to fall.
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A good way to play
this might be a LOWER trade on the GBP/USD predicting that the pair closes below 1.5775 in 32 days time. This could return 196% if successful.
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Summary:
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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