• After yesterday’s volatility, this morning traders are unwilling to stick their necks out ahead of the big Non Farm Payroll results later.
• Yesterday’s trading action was enough to allow the City bit of a breather before the next big data point hits. Mario Draghi underlined that he is a far more bolder ECB President than his predecessor, cutting rates by 0.50% when most analysts were not exacting anything until December.
•The resulting activity reminded us of the underlying interconnectivity of the global economy, as the weak euro boosted the dollar index, which in turn hurt the major yen pairs.
• The Australian dollar is probably the strongest currency of the morning though after Chinese trade balance came in better than expected.
Coming up today:
• The only announcement that matters this morning is US Non Farm Payrolls, which are released at 13.30 UK time. Analysts are looking for a number around 121k, with the unemployment rate expected to be 7.3%. Canadian employment data is released at the same time.
• Prelim UoM consumer sentiment is released at 14.55, with Fed Chair Bernanke speaking at 20.30.
Trade Idea:
• The outcome of today’s Non Farm Payrolls is anyone’s guess, so it may be best to bet on a reaction (or lack of it). In recent readings, there has been the tenancy for markets to settle back into a trading range after the mad thrashings have subsided and this could be the case again today.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
The quiet between storms
Morning Report: 08.45 London
• After yesterday’s volatility, this morning traders are unwilling to stick their necks out ahead of the big Non Farm Payroll results later.
• Yesterday’s trading action was enough to allow the City bit of a breather before the next big data point hits. Mario Draghi underlined that he is a far more bolder ECB President than his predecessor, cutting rates by 0.50% when most analysts were not exacting anything until December.
• The resulting activity reminded us of the underlying interconnectivity of the global economy, as the weak euro boosted the dollar index, which in turn hurt the major yen pairs.
• The Australian dollar is probably the strongest currency of the morning though after Chinese trade balance came in better than expected.
Coming up today:
• The only announcement that matters this morning is US Non Farm Payrolls, which are released at 13.30 UK time. Analysts are looking for a number around 121k, with the unemployment rate expected to be 7.3%. Canadian employment data is released at the same time.
• Prelim UoM consumer sentiment is released at 14.55, with Fed Chair Bernanke speaking at 20.30.
Trade Idea:
• The outcome of today’s Non Farm Payrolls is anyone’s guess, so it may be best to bet on a reaction (or lack of it). In recent readings, there has been the tenancy for markets to settle back into a trading range after the mad thrashings have subsided and this could be the case again today.
• An In/ Out trade predicting that the AUD/ USD closes between 0.9475 and 0.925 at the close on Monday could return 175% if successful.
This Daily Market Report is written by Dave Evans, Professional Trader. This is presented as an idea to stimulate binary option trading ideas and is not a financial advice.
Summary:
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