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FX Day Trading - 28 December 2011
All's quiet on every front
US consumer confidence jumps
Japanese prices falling by -0.5% a year
Today's papers report that the prime minister wants to bring in new legislation that will prevent supermarkets selling strong drink at rock-bottom prices. Civil servants are examining a scheme in Scotland which sets a minimum price of 45p per unit of alcohol but the PM is looking for something more aggressive. Apparently Mr Cameron's idea is to set the floor at £140 a bottle. At that level, rotgut will be priced out of the market; boozers might as well chug Cristal.
Even before the imposition of the new law there will have been corks popping over the weekend as investors celebrated the survival of the euro, which now looks certain to make it alive into 2012.
In FX spread trading, the euro's position against the US dollar, the pound and the franc is almost unchanged from Friday morning. The story is similar for the Australian, Canadian and New Zealand dollars, none of which have gone anywhere over the long, long weekend.
The lack of movement in the spread betting markets is typical of the Christmas and New Year dog days, of which there will be three more this week. There have been some economic data releases, notably Friday's 3.8% monthly increase in US durable goods orders and 1.6% rise in new home sales and yesterday's US consumer confidence that came in at 64.5 for December, way ahead of November's 55.2.
The news from Japan this morning was less edifying, with a long list of annual changes that began with a minus sign. Deflation accelerated, with prices down by -0.5% in the year to November. Household spending fell by -3.2%, industrial production by -2.6%, retail sales by -2.3%, housing starts by -0.3% and labour cash earnings by -1.0%.
There is but one statistic due for release between now and home-time: KOF's Swiss leading indicator. Financial spread betting investors will not be holding their breath. Expect a quiet day.
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The above content does not constitute investment advice, it is provided purely for information purposes and is delivered as a personal view of the writer. Neither the contributing company (or writer) nor Online-Spread-Betting.com accepts any responsibility for any use that may be made of the content.
'Christmas Holidays Help Euro to Hold Up Against the US Dollar', Article by Moneycorp, last update: 28-Dec-11
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