Read the Daily Market Report from Dave Evans, Professional Trader
Euro leads cautious recovery Morning Report: 08.30 London• This morning, the euro is leading a cautious recovery in world markets as stock markets look set to rise amid cross party talks in Italy.• The euro is performing strongly this morning, with the EUR/USD up 0.13% and the EUR/GBP up 0.30%.
• The British pound is under pressure ahead of the release of the second UK GDP estimate at 09.30. The GBP/JPY is down 0.48%, in line with a fall in other yen pairs this morning. The AUD/JPY is off 0.41%, with the USD/JPY down by 0.31%.
• We start the day with MPC member Bean speaking at 09.30, followed by the UK second estimate GDP. Prelim business investment levels are released at the same time.
• From 13.30 we have US core durable goods orders, followed by Fed ch airman Bernanke testifying before congress at 15.00 alongside the release of pending home sales.
• We also have an Italian 10 year bond auction running throughout the day.
• ECB president Draghi speaks at 17.30.
Bet Idea:
• The AUD/JPY has dropped severely in recent days, but there could be more downside to come. The AUD/JPY has been above its 72 period EMA for the longest period of time since recovering from the 2008 crisis. A reversion to the mean has to happen at some point and with the current unrest in global markets, now could be that time.
Morning Report: 08.30 London• This morning, the euro is leading a cautious recovery in world markets as stock markets look set to rise amid cross party talks in Italy.
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• The British pound is under pressure ahead of the release of the second UK GDP estimate at 09.30. The GBP/JPY is down 0.48%, in line with a fall in other yen pairs this morning. The AUD/JPY is off 0.41%, with the USD/JPY down by 0.31%.
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• Gold is stepping back a little after making strong gains yesterday.
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Coming up today:
• We start the day with MPC member Bean speaking at 09.30, followed by the UK second estimate GDP. Prelim business investment levels are released at the same time.
• From 13.30 we have US core durable goods orders, followed by Fed ch
airman Bernanke testifying before congress at 15.00 alongside the release of pending home sales.
• We also have an Italian 10 year bond auction running throughout the day.
• ECB president Draghi speaks at 17.30.
Bet Idea:
• The AUD/JPY has dropped severely in recent days, but there could be more downside to come. The AUD/JPY has been above its 72 period EMA for the longest period of time since recovering from the 2008 crisis. A reversion
to the mean has to happen at some point and with the current unrest in global markets, now could be that time.
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A ONE TOUCH trade predicting that the AUD/JPY touches 91.75 in the next 30 days could return 145% 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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