Financial markets are staring the week with cautious optimism after the shock of Dubai’s Debt problems starts to subside, however, the Monday after Thanksgiving holiday is historically weak 62.5% of the time.

Over the weekend, investors have been comforted by the news that the central bank of the UAE will ’stand behind’ local and foreign banks.

There were fears that the problems in Dubai could spread like a contagion to other areas of the economy as happened with the credit crunch. However, economists are now reflecting on the fact that the perceived risk of Dubai defaulting on its debt is now less than it was at the peak of the credit crunch.

With the pressure off for the moment, the US Dollar is out of favour once again, with the Yen also an unpopular currency in early Monday trading.

The Euro and British Pound are on the rise, but the biggest gains come from the commodity currencies of the Australian and Canadian Dollars.

The Australian Dollar is the day’s top performer, rising 1.24% against the US Dollar (AUD/USD) and 0.91% against the Yen (AUD/JPY). The Canadian Dollar is also having a good day against the US Dollar, rising 0.57%.

What’s moving:

The Australian Dollar: AUD/USD & AUD/JPY
The New Zealand Dollar: NZD/USD
The Canadian Dollar: USD/CAD
The Euro: EUR/USD
The Pound: GBP/USD

Today’s market movers:

It’s a relatively quiet start to the week on the economic news front. The two standout announcements are Canadian GDP at 13.30 and US Chicago Purchasing Managers Index at 14.45.

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Financial markets were taken unawares yesterday as surprise news from Dubai and China sparked a global sell off.

The main catalyst for yesterday’s falls was the news that Dubai World, the government’s investment vehicle, wanted to delay repaying its debts. This sparked a panic that the supposed engine of growth in the Middle East might be close do defaulting on its obligations.

This, coupled with dour economic news from China, hit European indices hard, with the FTSE 100 off by 3%. Of course, it never rains, but it pours – the London Stock Exchange was closed for a few hours, halting trading in UK stocks due to a technical hitch.

In currency news, after coming under pressure at the start of the week, the US Dollar is in demand once again as investors seek out supposed safe havens.

The Pound was hit particularly hard yesterday on speculation that Dubai investors would have to liquidate holdings in UK property in order to fulfil their debt obligations.

The Yen had surged again this morning, but has tempered the gains in the last few hours after Japanese finance ministers inferred they may act to shore up the Yen.

Gold hit $1195 yesterday and today looks like being the first down day in over a fortnight.

With US traders back at their desk after Thanksgiving, it should be another interesting day.

What’s moving:

The US Dollar: USD/CAD, AUD/USD & NZD/USD
The Yen: EUR/JPY, GBP/JPY, USD/JPY & AUD/JPY

Today’s market movers:

Just Canadian current account data for traders to absorb today, but after the frantic trading of yesterday, it may not be a quiet Friday.

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US stock markets are closed today for Thanksgiving, but across the world, forex markets are far from quiet.

After a storming day yesterday, gold has nudged higher once again today to set another new record high of $1195. This is now the longest rally in gold for 27 years.

Reports that India’s central bank may add to its recent purchase and the slump in the US Dollar have been significant factors behind the rally.

The Dollar was crushed yesterday against all major currencies, but it is against the Yen that we’re seeing the biggest moves.

This morning the Dollar is off 1% against the Japanese Yen (USD/JPY). Coming on the back of yesterday’s mauling, this has pushed the Dollar to its lowest level against the Yen for 14 years, however, there still some way to go until the 1995 low of ¥80.00 is breached.

The US Dollar is faring better against other currencies today, but it is the Yen that is really stealing the show.

The Yen is up 1.15% against the Euro & Pound and nearly 2% against the Australian Dollar.

What’s moving:

The US Dollar: USD/CAD, AUD/USD & NZD/USD
The Yen: EUR/JPY, GBP/JPY, USD/JPY & AUD/JPY
Gold

Today’s market movers:

UK CBI data is the standout announcement today at 11.00 GMT.

With US markets closed for Thanksgiving the news may have an unknown effect.

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American markets are closed tomorrow for Thanksgiving, but this could present a betting opportunity on financial markets such as the S&P 500 and Dow Jones (Wall Street).

Since 1961, the broad S&P 500 index has risen 79% of the time on the day before Thanksgiving (today) and 77% of the time on the day after Thanksgiving (Friday).

If history repeats itself again, today could be a good day for a Fixed Odds Double (Up) trade on the S&P 500 or the Dow Jones (Wall Street).

On the Forex markets, today’s early mover is the Australian Dollar after central banking comments that the Australian economy is in an upswing.

The comments have caused investors to flock into the Australian Dollar, pushing the AUD/USD up 0.7% today. Its Antipodean neighbour the New Zealand Dollar is up 0.4% in sympathy.

What’s moving:

The Australian Dollar: AUD/USD & AUD/JPY
The Canadian Dollar: USD/CAD
The New Zealand Dollar: NZD/USD

Today’s market movers:

We have a number of market moving announcements today. The first is the revised UK GDP at 09:30. Analysts are forecasting that the UK economy will still be in a recession. Watch for any moves on the GBP/USD.

Next up we have US Core durable goods and unemployment claims at 13.30. Analysts are predicting a slight dip in jobless claims.

The final top announcement today is US new home sales at 15.00.

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Stock markets start the week with a blast with the Dow Jones kissing the underside of the psychologically important 10,500 level.

After a few cautious days last week, it seems investors were willing to embrace risk once again and buy into the recovery story.

Markets look as though they will open slightly off the boil though as Asian markets sold off over night.

Gold hit a new record high of $1173.4, but closed well off this level as speculators booked their profits.

This is the first meaningful negative afternoon reversal from gold in some time. Could it be a sign of a top?

After taking a beating yesterday, the Yen and Dollar are fighting back today, with yesterday’s biggest gainers feeling the selling pressure most.

The Canadian Dollar is off 0.5% while the New Zealand and Australian Dollars are down by a similar measure.

The Pound rose yesterday against the Dollar, but the gains were muted compared to other currencies. Keep your eye on the GBP/USD today for any signs of reaction to the US GDP data.

What’s moving:

The Australian Dollar (If betting against): AUD/USD & AUD/JPY
The Canadian Dollar (If betting against): USD/CAD
The New Zealand Dollar (If betting against): AUD/USD & AUD/JPY

Today’s market movers:

Highlights from a busy day today include US GDP at 13.30 and governor King speaking at 15.35.

Following this we have the release of the minutes from the last FOMC meeting at 19.00.

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For today’s top market events, it’s hard to look much further than the spectacular rally in gold.

The precious metal has hit a new all time record high of $1164 in early trading. Gold is certainly benefiting from weakness in the US Dollar which has dropped 7.2% this year compared to gold’s 32% rise.

It’s not just gold that’s started the day well, the commodities are having a good day across the board. This is boosting demand for the commodity pairs of the Canadian (USD/CAD) and Australian Dollar (AUD/USD & AUD/JPY).

Gold is Australia’s third most valuable commodity for export and oil is a major part of the Canadian economy.

The New Zealand Dollar is also enjoying a bounce on strong Australian economic data.

Other currencies performing well today are the Swiss Franc (USD/CHF) and the Euro.

The Swiss Franc is often seen as a safe haven with many countries holding the currency as part of their reserves. With the ongoing retreat in the US Dollar, the Swiss Franc could be in play.

Stock markets look set for strong start with the FTSE 100 likely to flirt with the 5,300 level once again.

What’s moving:

Gold: Gold/USD
The Australian Dollar: AUD/USD & AUD/JPY
The Canadian Dollar: USD/CAD
The Swiss Franc: USD/CHF
The Euro: EUR/USD

Today’s market movers:

Today’s main announcements are Canadian retail sales at 13.30 GMT followed by US existing home sales at 15.00.

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Financial markets suffered their worst one day fall in a month yesterday.

There was no clear catalyst for the drop, although many people are suggesting that markets had got a head of themselves in terms of confidence in the speed of the global economic recovery.

Whatever the reason for the collapse, financial markets are still in pretty good shape, with the FTSE 100 and Dow Jones (Wall Street) simply back to where they started the week.

This morning started with a dark, foreboding tone as Asian markets sold off and the ‘risk averse’ currencies of the Dollar and Yen are in demand.

Thankfully, the Bank of Japan provided some positive news and markets are now fighting their way back to the game line.

After suffering big falls yesterday, it’s interesting to note that the AUD/USD is one of the better performing pairs today.

Gold also staged a late recovery and is still showing impressive reliance. With the uptrend still intact, it could be another day of record highs for the precious metal.

What’s moving:

The Australian Dollar: AUD/USD.

Today’s market movers:

No top tier economic announcements are due out today although German PPI could cause some excitement in the EUR/USD, as could a speech from central banker Weber at 08.00.

At 10.30 we have a speech from ECB President Trichet which again could affect the EUR/USD.

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After a few days of congested trading, there are finally some signs of a breakout on forex markets.

The biggest moves have come from the antipodean currencies of the New Zealand and Australian Dollars. The New Zealand Dollar is the biggest faller across all currencies, falling 1.2% against the US Dollar (NZD/USD).

The Australian Dollar is the next biggest loser, falling 0.75% against the Yen (AUD/JPY) and 0.61% against the US Dollar (AUD/USD).

Elsewhere, the general trend is of strength for the ‘risk averse’ currencies of the US Dollar and Japanese Yen.

With the Yen in demand, one way to play this could be against the Pound – The GBP/JPY. With UK retail sales due at 09.30, there could be some good movement on this pair today.

The Pound and Euro are down 0.3% against the Dollar and 0.5% against the Yen.

For a third day in a row, Gold is starting the day with a pullback, but will it be able to recover and go on to make a new record high as it did yesterday?

Stock markets traded in a tight range yesterday, with indices such as the FTSE 100 falling by tiny amounts. Early indications are that markets will continue the negative theme.

What’s moving:

The Australian Dollar (if betting against): AUD/USD & AUD/JPY
The New Zealand Dollar (if betting against): NZD/USD
The Yen: GBP/JPY & EUR/JPY
The US Dollar: GBP/USD & EUR/USD

Today’s market movers:

There are a whole bunch of middle tier economic announcements due out today including speeches from three different central bankers and UK public sector net borrowing.

The day’s top market moving announcements are UK retail figures at 09.30 and US unemployment claims at 13.30.

Next we have Canadian CPI at 12.00 which is a measure of inflation followed by the same announcement from the US at 13.30.

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After kissing the underside of 5,400 on Monday, the FTSE 100 gave a little back yesterday to close down by around 0.5%.

US stock markets fared slightly better with the S&P 500, the broadest index of large US stocks, limping over the line by just one point.

If early trading is anything to go by, it could be a similarly tepid session today.

Currencies also appear to be consolidating with the oil dependent Canadian Dollar the day’s biggest mover. Oil is up for the third day in a row, yet the Canadian Dollar is down against the US Dollar (USD/CAD). This is a relatively unusual situation and worth keeping an eye on as the day progresses.

Gold managed to impress yesterday with a late rally that erased earlier losses. It’s already flirted with a new record high in early trading. Will today be the day it hits $1150?

What’s moving:

The US Dollar: USD/CAD

Today’s market movers:

Today’s first standout announcement is the release of the minutes from the last MPC (Bank of England meeting). No one is expecting any surprises on rate decisions, but there could be some juicy tip bits on the bank’s quantitative easing policy. Keep your eye on the GBP/USD around this time.

Next we have Canadian CPI at 12.00 which is a measure of inflation followed by the same announcement from the US at 13.30.

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The credit crunch seemed a distant memory, at least to stock market traders yesterday, as indices like the FTSE 100 and Dow Jones (Wall Street) stormed higher.

Cautious comments from Fed Chairman Ben Bernanke and popular analyst Meredith Whitney were enough to put a lid on the excitement, but markets still managed to close not too far off their highs for the day.

On currency markets, the Pound enjoyed a strong day as did gold which hit an all time record high of $1143.

After the party comes the hangover and, so far today, stock markets are set to open lower by a third of a percent and even gold has fallen back a touch. Asian markets brought sentiment back down to earth and commodities, including oil, have fallen back as a result.

So far today the Australian Dollar (AUD/USD & AUD/JPY) looks to be the biggest casualty with the Dollar and Yen recovering some of the ground lost yesterday.

Although not making much headway against the Dollar or Yen, the Pound is actually holding up quite well compared to other currency pairs.

Keep your eye out for any signs of a rally, because the GBP/USD could be a good place to play this if it comes.

What’s moving:

The Australian Dollar (if betting against): AUD/USD & AUD/JPY
US Dollar: USD/CAD
Swiss Franc: USD/CHF

Today’s market movers:

This morning we focus on UK inflation with CPI data due at 09.30.

There is also the possibility that the governor of the Bank of England will have to pen his inflation letter which explains why UK inflation is below the target rate of 1%.

If this happens the Pound could take some punishment.

This website content does not constitute investment advice. No individual contributor, contributing company nor Online-Spread-Betting.com accept any responsibility for any use that may be made of the content.