The Financial Fixed Odds update from David Evans, Market Analyst, BetOnMarkets.

 
Early Forex Report:

It’s a mixed bag so far out there this morning the dollar is the dominant currency this morning, but this theme varies across the various forex pairs.

At one end of the scale, the Australian dollar is actually up against the US dollar (Australian Dollar – US Dollar) with the New Zealand dollar riding on its coat tails.

At the other end of the scale, the British pound is once again the weakest currency, falling 0.45% against the dollar (GBP/USD).

The weakness in sterling isn’t isolated to the US dollar though with losses against the yen (Pound – Yen) and Euro (Euro – Sterling).

Other currencies such as the yen, euro and Swiss franc are all down slightly against the US dollar.

Later Today

Today’s standout economic announcements include UK manufacturing PMI at 09.30 and Canadian GDP at 13.30.

And keep your eye out for US Manufacturing PMI at 15.00

A Look at the Late Friday Currency Markets

There was little movement across the forex pairs on Friday with the notable exception of the British pound.

Revised GDP figures came in at 0.3% vs a predicted 0.2%.

While the UK government is the news, the market is telling its own story.

The GDP/USD was down 0.6%, the GBP/JPY off by 0.7% with the pound also down 0.85% against the euro.

Markets are looking at the bigger picture and still see a fragile economy.

There is more than economics at play here though as the GDP news may bolster Gordon Brown’s election chances, which in turn increased the likelihood of a hung parliament.

Markets desire clarity and hate the prospective confusion that a hung parliament could bring.

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