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

It’s a quiet news day today with no real top tier announcements for the market to chew on.

The one item which might have some impact is UK public sector net borrowing at 09.30. Public sector borrowing is expected to balloon to £18.2bn, but this has largely been priced in already. If there are any significant deviations away from this number in either direction, there could be some good moves on offer for the GBP/USD.

Other than this, in theory it should be a relatively quiet day, but in the last few months the ‘quiet’ news days have been hit by tape bombs such as major ratings down grades for countries such as Greece or Spain.

So far forex markets are quiet with no real notable moves to speak of other than a general leaning towards the ‘risk on’ trade of the Australian Dollar and Euro etc rising against the US dollar.

Swiss Franc Looking Stronger

Switzerland took centre stage again yesterday after the Swiss National Bank dropped references to intervention in its latest policy note.

The SNB had been propping up the Swiss Franc with direct interventions in an attempt to stop it appreciating so rapidly. It appears that they have given up the ghost (for now) not least because the whole operating is incredibly expensive.

The Swiss Franc is seen as a safe haven, especially compared to the rest of Europe, so money has been pouring into the country from the likes of Germany, Spain and Greece.

The Swissy has gained a massive 1.6% against the US dollar today and shifted 1% against the euro. Also see Euro/Swiss Franc spreads and Dollar/Swiss Franc spreads.

The last major meetings with policy shifts resulted in major sell offs and a new record low of 1.3500 could be in the offing. A BetOnMarkets One Touch trader with a target of 1.3500, a new record low is a reasonable bet idea, but the EUR/CHF can be a tricky beast to predict.

Gold Trading Near Record Highs

In other news, Gold is tradingat near record high levels at $1245. It’s worth noting that although the record highs stand at over $1250, the metal has only closed above $1240 twice.

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