BetOnMarkets Daily Market Report (8th March)
March 8, 2013 8:47 amVideo
Latest News
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Yen weakens further on GDP upside surprise
Morning Report: 08.30 London
• The
morning’s data has been encouraging, with Chinese exports rising and the trade balance increasing much more than expected. In addition, Japanese GDP increased more than expected. However, the market reaction has been muted with US payrolls due in the afternoon.
• The main movement has come on the yen pairs with the USD/JPY breaking to its highest levels since 2009. The USD/JPY is up 0.47%, with the EUR/JPY up 0.32% and the AUD/JPY up 0.24%.
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• The dollar pairs are less bullish, with the NZD/USD and AUD/USD down 0.35% and 0.23% respectively.
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• Elsewhere, the British pound contin
ues to lag behind its peers and is down another 17% this morning.
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Coming up today:
• Today’s main item is US Non Farm Employment change, due at 13:30 with a net gain of 162k expected. The unemployment rate is expected to remain steady at 7.9%. Canadian employment change is released at the same time, with a gain of 7.8k expected.
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• Elsewhere this morning we have UK consumer inflation expectations at 09.30, followed by German industrial production at 11.00.
Bet Idea:
• Fed days by their nature are largely unpredictable, with initial market reactions often retraced later in the day. With this in mind, it may be worth betting on the main trends continuing through to Monday.
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• A good way to play this could be a ONE TOUCH trade on the USD/JPY, a pair that is showing sustained weakness at present.
A ONE TOUCH trade predicting that the USD/JPY touches 96.25 by the close on Monday could return 123% 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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