BetOnMarkets Daily Market Report (29th August)

• This morning, the US dollar index is regaining some of the ground lost in the last week as traders await GDP data from the world’s biggest economy.

• As the dollar advances, the euro inevitably heads in the opposite direction, with the EUR/USD down around 0.1%. The EUR/JPY has been range bound for some time as the yen and euro cancel each other out.

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• It’s not universally good news for the US dollar though, with gold still managing to rise this morning.

Coming up today:

• Today’s main announcement is US GDP due at 13.30, with a 1.7% gain expected. US pending home sales follow at 15.00. The Beige book is due at 19.00.

Bet Idea:

• The GBP/USD has travelled well in recent weeks, but now sits on the tricky 1.5800 level which has been so sticky in the past.

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• With the British economy going nowhere fast and the US dollar index in danger of being over sold, now could be a good time to take bearish positions.

A good way to play this could be a LOWER trade predicting that the GBP/USD closes below 1.5800 in 7 days time for a potential return 108%.

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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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