Today’s online spread betting summary:

• Five out of this morning’s six economic data points have come in lower than expected and its not even nine o clock.
• The main news is Japanese CPI (inflation) coming in at -1.3%, marginally worse than expected and preliminary industrial production coming in well below estimates at -1.5%.
• UK consumer confidence came in slightly lower than expected, Australian consumer credit disappointed and German retail sales kept up the morning’s negative trend.
• Also coming up today we have Canadian GDP and US GDP at 13.30 GMT. Canada is expected to show a slight rise with the US showing a slight dip.
• The Japanese data has negative implications for the global economy, discouraging risk taking, but as the ‘safe haven’ currency du jour, the news has actually strengthened the yen this morning.
• The USD/JPY has hit its lowest level since November 2009, down 0.75% so far today.
• The AUD/JPY and EUR/JPY are down 1%, with the GBP/JPY down 0.7%.
• The dollar is generally stronger against non yen currencies, with the EUR/USD down 0.25% and the AUD/USD down 0.3%.
• The main exception is the Swiss franc which is quickly regaining its status of safe haven currency #2. The USD/CHF is down, 0.35% (meaning the Swiss franc is stronger). The USD/CHF looks to have broken prior support around 1.0400.
• Gold is steady around $1169.
• The FTSE is trading down around 0.3% with US futures indicating the Dow Jones will open down by a similar amount.

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

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