BetOnMarkets Daily Market Report (8th May)

Dollar backs off as euro recovers

Morning Report: 08.00 London

• Last night the S&P 500 set a new closing high, while the FTSE 100 hones in on the 6900 level. With risk appetite returning, safe haven demand is falling off, with the dollar index dropping for the second straight day.

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• The euro has so far been the big winner, with the EUR/USD up 0.24% and the EUR/GBP up 0.23%.

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• The one dollar pair not fitting this trend is the NZD/USD which is off by 0.79% after last night’s RBNZ financial stability report.

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Coming up today:

• Coming up today we have German industrial production at 11.00.

• From 13.30, we switch to the US with
FOMC member Stein speaking at 13.30 and treasury secretary Lew speaking at 19.00.

Bet Idea:

The NZD/USD has sold off heavily this morning despite stock markets reaching for the highs. By many measures, the latter are now significantly over extended and if this were to reveal itself, it could mean more downside for the NZD/USD in the intermediate term.


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• A lower trade predicting that the NZD/ USD closes below 0.8300 in 51 days could return 156% 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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