FTSE 100 and Currency Trading News: Financial Markets Update
The Financial Fixed Odds update from David Evans, Market Analyst, BetOnMarkets.
FTSE 100 Trading
The FTSE 100 piled on the points yesterday, moving to within 16 points of 5,500, putting the 2010 high of 5,600 back in sight once again.
Will it make it there this time?
If we zoom out a little, we can see that the FTSE 100 has been trading in a channel since February and is now pushing towards the middle channel once again.
The centre of this channel just about intersects with 5,600, so will the FTSE 100 have enough momentum to push through this level?
For those that believe it will, a Fixed Odds One Touch Trade at 5650 might be one way to play this.
Conversely, if you think it won’t make it there, a No Touch trade at 5600 might be better.
Economic Announcements
Later today all eyes will be on US ADP Non Farm Employment change. This announcement is often seen as a warm up for the all important Non Farm Payroll due out on Friday.
ADP has been negative since July 2008, although the pace of decline has continued to lessen each month since the depth of the crisis in early 2009.
Analysts are predicting the number to be -15k, which will be the best level seen since 2008.
Keep your eye on the Dollar & Yen pairs around 13.15 for signs of an initial reaction.
In particular, the AUD/USD and USD/CAD pairs could be the ones to watch.
Other than this we have US manufacturing PMI at 15.00 and UK services PMI at 09.30.
Early Forex Moves
In early trading the Pound is enjoying its best day for a fortnight. This doesn’t come on any good news in particular, but rather the lack of bad news for once.
The GBP/JPY is up 0.32%, the biggest move of all currency pairs so far today.
Other than this, it’s a mixed bag across other forex pairs.
The EUR/USD is up slightly while the AUD/USD is pretty much breaking even.
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