BetOnMarkets Daily Market Report (4th April)

Yen plunges as BOJ extends activity

Morning Report: 08.30 London

• The main market movements are centred around the Bank of Japan’s decision to expand its monetary base by further than expected. The upshot is a dramatic weakening in the yen today, causing all the main yen pairs to surge higher.

• The USD/JPY is up 2.55% this morning, with all other major pairs up over 2%.

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• The money flowing out of the yen is finding its way into the US dollar, forcing the majority of the dollar pairs, including gold lower.

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Coming up today:

• Services data across Europe gets top billing this morning culminating in UK servic
es PMI at 09.30. Anything less than the expected 51.4 could see the GBP/USD sink even further this morning. From 12.00, we have the latest rate statement and press conference from the Bank of England, with no significant change expected.

• We then switch to Europe with the ECB statement at 12.45, followed by the press conference at 13.30.

• Fed chairman Bernanke speaks at 15.30.

Bet Idea:

• After a good run up at the beginning of March, the GBP/USD is starting to slip back, not helped by the strength in the US dollar.

• Economic data has been poor from the UK recently and there’s more room for disappointment this morning with today’s services data. The March lows could be re-visited before the
end of the month and this makes for an appealing trade.

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• A ONE TOUCH trade predicting that the GBP/USD will touch 1.4830 in the next 26 days could return 150% 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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