Read the Daily Market Report from Dave Evans, Professional Trader
Gold recovery back on track Morning Report: 08.30 London
• Last night, the S&P 500 closed at a record high, while Asian markets hit their highest levels since the 2008 crisis. This mornings trading is a little more cautious, with the dollar index rising for the first time in five sessions.
•The main casualty is gold, with the precious metal breaking its rally from the lows to drop by 0.91% this morning. Gold is looking a tad (if not extreme) overbought here.
•The euro is also suffering, with the EUR/JPY down 0.19% and the EUR/USD off by 0.16%. Investors have high hopes of action from the ECB, with a rate cut on the cards. At the same time, political unrest is still a danger, with new Italian PM Enrico Letta calling time on Austerity.
• We’ve a busy day ahead today, with German unemployment change at 08.55.
•UK net lending to individuals follows at 09.30.
•We switch back to Europe at 10.00, with CPI flash estimate and unemployment figures.
•Canadian GDP is released at 13.30, US CB consumer confidence released at 15.00.
Bet Idea:
• With May just around the corner, we are now entering what has historically been the worst six months of the year for stock markets. This may not lead to any immediate sellin g, but there are signs that the intermediate term outlook has got a little too hot.
Gold recovery back on track
Morning Report: 08.30 London
• Last night, the S&P 500 closed at a record high, while Asian markets hit their highest levels since the 2008 crisis. This mornings trading is a little more cautious, with the dollar index rising for the first time in five sessions.
• The main casualty is gold, with the precious metal breaking its rally from the lows to drop by 0.91% this morning. Gold is looking a tad (if not extreme) overbought here.
Click here to view full-sized image
Click here to view full-sized image
• The euro is also suffering, with the EUR/JPY down 0.19% and the EUR/USD off by 0.16%. Investors have high hopes of action from the ECB, with a rate cut on the cards. At the same time, political unrest is still a danger, with new Italian PM Enrico Letta calling time on Austerity.
Click here to view full-sized image
Coming up today:
• We’ve a busy day ahead today, with German unemployment change at 08.55.
• UK net lending to individuals follows at 09.30.
• We switch back to Europe at 10.00, with CPI flash estimate and unemployment figures.
• Canadian GDP is released at 13.30, US CB consumer confidence released at 15.00.
Bet Idea:
• With May just around the corner, we are now entering what has historically been the worst six months of the year for stock markets. This may not lead to any immediate sellin
g, but there are signs that the intermediate term outlook has got a little too hot.
Click here to view full-sized image
• This could translate into some downside for risk on pairs such as the AUD/JPY over the next three months.
• A LOWER trade predicting that the AUD/JPY will close below 100.00 in 92 days time could return 102% 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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