Read the Daily Market Report from Dave Evans, Professional Trader
Markets plunge on Spain bailout fears Morning Report: 08.00 London
• Markets have started the new week in the worst possible fashion with a broad based sell off building momentum. Last week ended with fears over global growth, but the weekend news flow has offered no relief. It emerged that another Spanish region, Murcia said it would seek government financial assistance, while the media report that other regions are set to follow. The Greek prime minister was also quoted as saying that the country was in a ‘Great Depression’ similar to the US. Little wonder that Spain’s 10 year bonds have hit a euro era high of 7.368% this morning.
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• The safe harbours of the US dollar and the Japanese yen are in demand this morning, with the latter receiving the biggest inflow of funds this morning. The USD/JPY is down 0.55%, while the US dollar index re-tests the recent highs.
• The only item of note today is European consumer confidence at 15.00.
Bet Idea: • The AUD/JPY is leading the fallers as it often does when things get really messy. Across all the forex pairs, the AUD/JPY is more likely than not to see further selli ng after a big fall.
Markets plunge on Spain bailout fears
Morning Report: 08.00 London
• Markets have started the new week in the worst possible fashion with a broad based sell off building momentum. Last week ended with fears over global growth, but the weekend news flow has offered no relief. It emerged that another Spanish region, Murcia said it would seek government financial assistance, while the media report that other regions are set to follow. The Greek prime minister was also quoted as saying that the country was in a ‘Great Depression’ similar to the US. Little wonder that Spain’s 10 year bonds have hit a euro era high of 7.368% this morning.
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• The
safe harbours of the US dollar and the Japanese yen are in demand this morning, with the latter receiving the biggest inflow of funds this morning. The USD/JPY is down 0.55%, while the US dollar index re-tests the recent highs.
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• The yen pairs are where the action is at this morning with the AUD/JPY off by 1.06%, the GBP/JPY off by 0.84% and the EUR/JPY down by 0.75%.
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•The New Zealand dollar is the worst performing dollar pair, down 0.73% with gold also affecting by the resurgent US dollar, down by 0.63%.
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Coming up today:
• The only item of note today is European consumer confidence at 15.00.
Bet Idea:
• The AUD/JPY is leading the fallers as it often does when things get really messy. Across all the forex pairs, the AUD/JPY is more likely than not to see further selli
ng after a big fall.
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A good way to play this might be a ONE TOUCH trade predi
cting that the AUD/JPY touches 79.75 in 1 days time for a potential return of 150%.
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This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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Summary:
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