BetOnMarkets Daily Market Report (30th July)
July 30, 2012 10:12 amVideo
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Markets slip back as traders wait for action
Morning Report: 08.15 London
• This morning, financial markets are giving back some of the gains from the previous week, despite a lack of significant bad news over the weekend. Spanish GDP figures came in as expected at -0.4%, a reminder that for all the bluster from officials last week, the eurozone is still in critical condition. The ECB, Merkel and Hollande all promised to do “whatever it takes”, though these words are yet to be accompanied with any firm action.
• The US dollar index is pushing higher after selling off last week. The strength is helping to push gold lower.
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• The pound is the weaker performing currency, this morning with the GBP/JPY pushing lower at 0.37%.
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• The euro is also weaker, particularly against the Japanese yen.
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• The NZD/USD and AUD/USD are at a critical point where a break of upside resistance could see prices push significantly higher…or lower if there is no follow through.
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Coming up today:
• Coming up today we have UK net lending to individuals data at 09.30 with a drop to 0.8bn expected. UK CBI realised sales follow at 11.00.
• Italian 10 year bond auctions are taking place throughout the day.
Bet Idea:
• The AUD/JPY is at a critical point, just below resistance levels in the 82.00 region. The big questions is whether this economic bellwether can push on through to new levels or fail once again to make significant progress.
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One of the difficulties in the current situation is that we have a rally primarily built on words and promises from politicians, which is a currency few are willing to buy into.
Given this, it may pay to keep a negative bias and a LOWER t
rade on the AUD/JPY to be below 81.75 in the next 7 days could return 125% 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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