BetOnMarkets Daily Market Report (5th March)
March 5, 2013 9:13 amVideo
Latest News
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Morning Report: 08.30 London• This morning, world markets are on the rise after a strong rally into the close last night and through the Asian session. Central bankers are behind some of this move, with Fed vice chairman Yellen stating that QE is justified and the nominee for the BoJ deputy governorship stating the the monetary base should be expanded. China also added to the mix by retaining its GDP growth target of 7.5% for 2013.
• The Australian dollar is the biggest gainer this morning, with the AUD/USD up 0.48%. Overnight, Australian retail sales came in above estimates, while interest rates were kept on hold at 3%. The NZD/USD is rallying in sympathy.
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• Elsewhere, gold is recovering from the recent four day sell off, as the dollar index drops from the highs.
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• The yen pairs are slightly weaker as the yen bids higher.
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Coming up today:
• This morning, Spanish Services PMI already came in below estimates, while Italian services PMI are due at 08.45. The Euro has backed off from the morning highs on the Spanish data, but not by much.
• From 09.30 we have UK services PMI due at 09.30, with a drop to 51.1 expected.
• European retail sales follow at 10.00.
• From 15.00, we have ISM non manufacturing PMI.
• Also today we have the latest ECOFIN meetings running throughout the day.
Bet Idea:
• The euro appears relatively unaffected this morning after yet more disappointing Spanish data. With the dollar index pulling back from the recent highs, there could be room for more upside here for the EUR/USD.
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A good way to play this could be a HIGHER trade predicting that the EUR/USD closes above 1.3100 in 3 days time for a potential return of 136%.
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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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