Read the Daily Market Report from Dave Evans, Professional Trader
Euro slips back after payrolls boost
Morning Report: 08.00 London
• This morning, the euphoria following Friday’s Non Farm Payrolls is starting to slip as traders unwind their positions. While the better than expected jobs data from the world’s biggest economy is indeed good news, it does nothing to solve the structural problems within the Eurozone.
• The yen has taken control in early trading as investors seek out safer harbours. The EUR/JPY is down 0.57%, the AUD/JPY down 0.51 and the GBP/JPY down 0.50%. The USD/JPY is off by 0.33%.
• The dollar pairs are seeing less movement, but the EUR/USD is still the stand out mover, off by 0.24%. • The euro’s relative weakness can be seen in the poor performance of the EUR/GBP, which is dropping off after gapping higher initially.
• It’s a relatively quiet day today starting with European Sentix Investor confidence at 09.30.
• US Fed chairman Bernanke speaks at 14.00.
Bet Idea:
• The euro surged last week as investors switched back into risk taking mode on Friday. However, as good as Friday’s job data was, it should not mask the structural problems in the Eurozone that are still far from being solved. Therefore, we may not have seen the end of the euro crisis and the lows could be tested again.
Morning Report: 08.00 London
• This morning, the euphoria following Friday’s Non Farm Payrolls is starting to slip as traders unwind their positions. While the better than expected jobs data from the world’s biggest economy is indeed good news, it does nothing to solve the structural problems within the Eurozone.
• The yen has taken control in early trading as investors seek out safer harbours. The EUR/JPY is down 0.57%, the AUD/JPY down 0.51 and the GBP/JPY down 0.50%. The USD/JPY is off by 0.33%.
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• The dollar pairs are seeing less movement, but the EUR/USD is still the stand out mover, off by 0.24%.
• The euro’s relative weakness can be seen in the poor performance of the EUR/GBP, which is dropping off after gapping higher initially.
Click here to view full-sized image
Coming up today:
• It’s a relatively quiet day today starting with European Sentix Investor confidence at 09.30.
• US Fed chairman Bernanke speaks at 14.00.
Bet Idea:
• The euro surged last week as investors switched back into risk taking mode on Friday. However, as good as Friday’s job data was, it should not mask the structural problems in the Eurozone that are still far from being solved. Therefore, we may not have seen the end of the euro crisis and the lows could be tested again.
A good way to play this might be a LOWER trade on the EUR/USD predicting that the pair closes below 1.2300 in 3 days time for a potential return of 139%.
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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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