Last night the Dow Jones managed to close in the black for the eighth trading day on the bounce. Reading that statistic, you might expect the week to be better than it actually has been.

Most world stock markets are up on the week, but the gains have been negligible by recent standards. Still, the bulls have shown impressive resilience with the bears unable to drive markets down with any great strength.

This morning the FTSE, DAX and CAC are taking their lead from the US and have opened up around 0.7% to 1% higher.

This morning we have UK GDP figures at 08.30 BST and this is expected to the standout economic announcement for the day. This afternoon with have US personal spending data and consumer sentiment figures, but these are expected to have only a medium impact on markets.

Japanese Yen on the Defensive

The Japanese Yen is in play again, this time on the defensive though. Buoyed by the ability of equity markets to hold their ground, the risk takers are dropping the Yen in favour of the Euro, Dollar and Pound.

Of the commodity currencies, the Canadian Dollar has been range bound this week especially against the US Dollar. If oil prices continue to stabilise, the USD/CAD could continue its previous down trend and hit C$1.08. A Fixed Odds No Touch trade could be one way to play this over three days.

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