After yesterday’s frantic trading, market participants will be happy to take a brief break until another bout of volatility is unleashed today with US Non Farm Payrolls at 12.30 today.

Last night the EUR/USD closed higher while US stock markets finished up by around 2%.

This morning, spread betting markets have a cautious tone with the AUD/USD down 0.19% and the EUR/USD just dipping into negative territory.

The US dollar is showing some early strength, particularly against in the USD/CHF and USD/CAD pairs which are up 0.71% and 0.51% respectively. Gold is also pulling back slightly, down 0.27%.

Any early moves are likely to be minor as the online spread betting market awaits the Non Farm Payroll announcement.

Trading Today

US Non Farm Payrolls are released at 12.30 with a slight dip to 97k on the cards. The unemployment rate released at the same time is expected to come in unchanged at 9.1%.

Away from the US, we also have the Canadian jobs report with a slight deterioration in the jobs market expected.

EUR/GBP Fixed Odds Trading Idea

With the NFP report acting as something of a lottery, it might be best to steer away from any US dollar trades today. The euro is unlikely to be an ocean of calm with more tape bombs likely over the weekend. However, the EUR/GBP presents an interesting opportunity.

The pair appears to have found support in the 0.8600 region since September. While the euro’s future is still open for debate in the medium and long term, any downside for the EUR/GBP could be tempered owing to the fact that the British pound is closely tied to the Eurozone economy and the euro.

A way to play this might be a Higher trade predicting that the EUR/GBP closes above 0.8650 in 3 days’ time (Monday) for a potential return of 119%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

The euro acted like the proverbial drunk walking down Wall Street yesterday afternoon as a series of tape bombs sent the single currency higher and lower and higher again.

The main news was rumours of the resignation of Greek PM George Papandreou, who also scrapped the referendum announced at the beginning of the week.

Amid this turmoil, the ECB voted to cut rates by 0.25%, a move that would normally send the euro skidding lower, but in the current climate, a rate cut is seen as being in the euro’s best interests, hence today’s rally.

The Australian dollar also had a strong day, with the AUD/JPY holding the 80.00 level.

Similarly the S&P 500 futures rallied over 1% as equities were bought on the relief.

Gold was over 1% higher, reinforcing the idea that the precious metal is becoming less of a safe haven and more of a risky asset to buy in the good times.

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

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.
 

Last night Fed chairman Ben Bernanke soothed investors enough for US stock markets to close 1% higher. This morning more reassurance is required as ‘risk on’ markets slip back again.

The aftershocks of the Greek gambit to hold a referendum on the bailout plan are still being felt. The main impact is on the likelihood of China investing in the rescue fund, a likelihood which has now gone from doubtful to very unlikely.

The main faller this morning is the Australian dollar following weaker than expected retail sales. The AUD/USD and AUD/JPY are down around 0.90%.

The euro is holding up reasonably well, with the EUR/USD down 0.3% and the EUR/JPY down 0.40%.

Stock market futures are trading lower with the S+P 500 futures down nearly 1.00%.

Trading Today

Today’s main item is the ECB rate decision at 12.45 and the press conference at 13.30. Draghi is unlikely to do anything bold at his first meeting, but in the current environment anything might be possible. Even if he doesn’t make a bold move, any hints that such a move may be coming sooner rather than later may have the same effect.

We also have UK services PMI at 09.30, US unemployment claims at 12.30 and ISM Non Manufacturing PMI at 14.00.

AUD/JPY Fixed Odds Trading Idea

The unexpected Greek move has taken the attention away from the Bank of Japan’s attempts to weaken the currency. So far the 78.00 level is holding on the USD/JPY, but there’s no telling what the next 48 hours might bring with the ECB meeting and tomorrow’s NFP.

The outlook is decidedly uncertain, but the BoJ’s activity could give a slight upside edge to a bullish trade on the AUD/JPY. The pair is testing the 80.00 level but this could change in the blink of an eye.

One way to play this situation might be a Higher trade on the AUD/JPY predicting that the pair is higher than 80.50 in 1 days’ time (Friday close) for a potential return of 154%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

Yesterday was looking fairly healthy until global growth fears and Europe started to drag online spread betting markets lower again.

The S&P 500 futures were heading higher looking likely to break even on the day, while the main ‘risk on’ forex pairs of the AUD/USD, NZD/USD and AUD/JPY fell back considerably. The NZD/USD was down 0.82% with the AUD/JPY down 0.60%.

The EUR/USD actually performed fairly well, but was some way off the day’s highs ahead of the EU leaders’ meeting on Greece.

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

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.
 

Last night the EUR/USD slumped to a heavy two day loss approaching 4% while US stock markets closed down around 2.50%.

This morning things are looking more positive with the euro and shares spread betting markets recovering some of last night’s losses.

There have been no real major positive catalysts to fuel this rally, though there is speculation that the Greek referendum announcement represents a bargaining point rather than a complete road block. There may also be an oversold rally setting in.

The EUR/USD is up 0.40% and the AUD/USD up 0.69%.

The USD/JPY is heading lower on the weaker US dollar. Since the initial wild thrashings following the Bank of Japan intervention, the 78.00 level appears to be setting up as a potential support level.

S&P 500 futures are recovering well, rallying 0.78% after coming within a hairsbreadth of testing the 1200 level once again.

Trading Today

Coming up today we have UK construction PMI at 09.30 with no change expected from the last reading.

Today’s main announcement is US ADP Non Farm Employment Change. A positive reading of 102k is expected.

We also have the latest rate statement from the FOMC at 16.30. No change is expected and the following press conference at 18.15 is likely to elicit a greater market response.

Later we have more central bankers speaking with MPC member Fisher speaking at 18.30 and Bank of Canada Gov Carney speaking at 20.15.

USD/JPY Fixed Odds Trading Idea

There are some big unknowns to contend with this week. From Europe we need clarity on the Greek referendum, today we have the latest ADP jobs report, tomorrow we have the first ECB meeting with Draghi at the helm and Friday we have the big US jobs number.

All these unknowns will be a big test for the Bank of Japan’s bold move to control the strength in the yen. So far the USD/JPY has held the bulk of the gains made following Monday’s spike, but for how long?

If there is a dividing line, the 78.00 level appears to be where it is at, which could present a trading opportunity. A way to play this might be a Higher trade predicting that the USD/JPY will close above 78.25 in 7 days’ time for a potential return of 106%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

Yesterday morning Greek Premier Papandreou threw a spanner in the works for the Euro recovery, announcing that a referendum could be held to ratify the proposals made for Greece at the recent European summit.

If a referendum were to happen, it is unlikely to pass with 60% of the Greek public against summit proposals. The referendum may not happen at all though as the Greek parliament first has to pass the idea of such a public vote and before that, the government has to survive a vote of confidence.

In many ways the idea of the referendum isn’t the problem. It’s symptomatic of the very root courses of the Eurozone’s trouble; that Europe is a collection of separate sovereign nations with separate histories and ideals. While the EU and IMF officials may push solutions onto individual nations, the population itself still must have the final say.

The EUR/USD was off its lows, trading down 0.80% with the AUD/USD trading down 1.71%.

Stock markets were hit hard with the FTSE down 2.21% and the S&P 500 futures down over 2%.

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

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.
 

Overnight the Reserve Bank of Australia cut its benchmark interest rates for the first time since the credit crunch. Australian rates were cut as expected from 4.75% to 4.50% as the Central Bank economists fret over lower growth and slowing demand from China.

Indeed Chinese manufacturing PMI came in below estimates this morning. The AUD/USD spread betting market is down 1.55%, with the AUD/JPY down 1.70%.

The euro continues weaken with Italy at the centre of current concerns as its borrowing costs trade at troubling levels despite last week’s summit. Thursday’s ECB meeting is the first with Italian Draghi at the helm.

No interest rate cut is expected this month but there is mounting speculation as to the possibility of the ECB stepping in to purchase large amounts of Italian bonds. The EUR/USD is down 0.85%, the EUR/JPY down 0.88% and the EUR/GBP down 0.45%.

There was more volatility for the USD/JPY overnight, but the pair remains fixed around the 78.00.

The Aussie’s weakness appears to be impacting the Canadian dollar as the USD/CAD trades above the parity level once again.

Stock markets have caught the general cold, with the US markets closing down over 2% last night and the S&P 500 futures down 1.35% this morning.

Trading Today

Today we have some major UK data at 09.30 with manufacturing PMI and preliminary GDP. The former is expected to weaken while the latter is expected to show some improvements.

In addition we have US ISM manufacturing PMI due at 14.00 with an improved reading expected.

USD/CAD Fixed Odds Trading Idea

The USD/CAD’s latest attempt to trade below the 1.0000 level has failed with the pair rising nearly 1% this morning. This is not entirely unusual as a quick scan of the USD/CAD around the 1.0000 level reveals persistent volatility before a trend sets in either direction.

A way to play this might be a One Touch trade predicting that the USD/CAD reverses and touches 1.0000 at some point before tomorrow’s close (1 day). If successful, this could return 131%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

The weekend news flow was dominated by mostly negative analysis of the midweek European debt summit, with many questioning whether the root causes of the problem have been addressed.

Judging by yesterday’s financial spread betting market reaction, those question marks still remain. Of greatest concern were Italian bond yields implying a level of stress greater than before the conference started. There is also emerging scepticism that China will ‘invest’ any Euro area special vehicles as was hoped last week.

The euro was hit hard, with the EUR/USD trading down 1.50% and the EUR/GBP down by a similar margin.

The USD/JPY reversed some, but not all of the morning’s spike to trade below 78.00 while the EUR/JPY reversed by significantly more than this.

Stock markets were lower in line with the general risk averse trading with the FTSE 100 hit particularly hard, down 2.77%.

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

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.
 

The main news this morning is the Bank of Japan’s direct intervention in currency markets to haul the yen back from record highs against the US dollar.

The intervention sent the USD/JPY soaring with a knock on effect on other yen and dollar pairs in FX spread betting. The USD/JPY is up 4.00%, touching a high of 79.53 after the pair hit record lows last week. There are similar moves on other yen pairs with the GBP/JPY up 3.45%.

The wall of money out of the yen has flowed into the US dollar, sending other dollar pairs lower. The AUD/USD is the morning’s biggest mover, down 1.40% with the EUR/USD not fair behind at 0.83%.

Gold spreads look set for a retest of $1700, falling 1.73% this morning.

Stock market futures add to the negative tone overall with the S&P 500 futures down 0.80% in early trading.

Trading Today

Today we have a number of lower and middle tier economic announcements from the UK and Europe including UK net lending data and European unemployment numbers.

Today’s main top tier economic announcement is Canadian GDP due at 12.30.

USD/JPY Fixed Odds Trading Idea

Has the Bank of Japan finally done it this time? Have they intervened strongly enough to lift the USD/JPY away from record lows once and for all?

If the past is anything to go by, the answer may not be encouraging. Previous USD/JPY spikes have been reversed rapidly as traders bet on the Bank of Japan making a single intervention rather than a series of coordinated strikes. The latter is something the Swiss National Bank have done particularly well recently.

The Bank of Japan may well surprise with follow up moves, but the odds may favour the opposite which means a lower USD/JPY in the short term.

A way to play this might be a One Touch trade predicting that the USD/JPY will retreat further and hit 78.00 at some point in the next 2 days (Weds 2nd) for a potential return of 110%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

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

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.
 

Last night financial spread betting markets had one of their best days in many a month with the Dow Jones closing up 2.86% and ‘risk on’ currency pairs enjoying similar rallies.

This morning the S&P 500 futures are down 0.5%, a small step back after yesterday’s rise. The AUD/USD and NZD/USD are showing similar movements today with the AUD/USD’s rally halting at 1.0750.

Gold is also slipping back after hitting the $1750 level at its highs yesterday.

Trading Today

Today’s main announcement is the Swiss KOF Economic Barometer due at 10.30.

We also have a number of middle tier US announcements including personal spending figures and revised UoM consumer sentiment.

Fixed Odds Trading Idea

Last night the USD/JPY made a record close below 76.00 with the pair trading lower again this morning. The strong yen has been hurting the Japanese economy for some time yet the Bank of Japan is yet to step in with a big market moving intervention as the Swiss National Bank did.

Perhaps they’ve been waiting to see how the European summit resolved itself. It’s hard to tell, but there is certainly still a danger of the USD/JPY spiking sharply higher.

A way to play this might be a Higher trade predicting that the USD/JPY closes higher than 76.00 in 10 days’ time for a potential return of 119%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

As if the pressure valve has been released, markets rocketed higher yesterday as the euro relief rally builds momentum. Incredibly the Dow Jones is now on for its best monthly gain since 1987 (+13.8%).

The 1200 point gain would make this the biggest points gain on the Dow in history. Very few people would have predicted that at the depths of the panic at the end of September. The Dow spreads were up 2.57% on the day with the FTSE 100 up 2.89%.

Traders clearly switched to ‘risk on mode’ with tremendous enthusiasm. The high yielding AUD/USD was the day’s biggest mover, up 3.05%, its biggest single day move for some time.

The euro itself was no slouch, rallying 2.27%. The pound lagged as seen by the EUR/GBP’s 1.30% rise.

The US dollar plunged, helping the USD/JPY to hit a new record low.

Gold capitalised on the weak dollar, up 1.14%, but the precious metal lagged its racier brother Silver which was up 5.10% yesterday afternoon.

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

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.
 

This morning EU & IMF officials will be reaching for the double expressos after an EU bond deal was reached at 4 AM.

An agreement has been reached on Greek bond holders taking a 50% cut in the value of their bonds and a new €130 bn bail-out of Greece. Officials also agreed deals to increase the fire power of the bailout fund by providing ‘risk insurance’ to new bonds issued by struggling countries.

Exact numbers are hard to find, but it seems spread betting markets are happy enough with what they’ve heard.

Should they be? As the WSJ’s Market blog writes “Everyone knows the Europeans are playing for time. Maybe the markets are playing for time too”.

George Soros also has an apt quote on the crisis “A crisis is not necessarily reached when politicians run out of things to do but when they run out of things to do that investors think they can carry out.” It seems that markets are giving world governments the benefit of the doubt with the latest bailout despite some tricky details still needing to be worked through.

John Major has a forthright piece in today’s FT (paywall) pointing out the euro’s flaws still remain. Specifically, because Greece cannot devalue its currency to make its exports more appealing, it must devalue its standard of living and promote more efficient working practices.

This will take many years with wages falling, unemployment rising and social unrest increasing. He adds “The severity of this medicine will not be bearable in a liberal democracy”.

German finance minister Wolfgang Shauble points out that Germany went through its own painful transformation in the early years of the century, but this came at a time of growing external demand across the Eurozone. Right now there is slowing Eurozone and indeed global growth.

The short term crisis might have been avoided, but we now face watching a slow motion race of peripheral nations attempting to transform their economies before their debts mount to unsustainable levels once again.

In the short term though, stock markets like what they have seen so far with the S&P 500 futures up 1.40% and the FTSE 100 opening up over 2%. The FTSE is trading above 5600 for the first time since the 4th of August.

In the currency spreads, the higher yielding Australian and New Zealand dollar are leading the charge with the AUD/USD up 1.30% and the NZD/USD up 1.00%. The USD/CAD is also benefiting from the dollar’s retreat, falling below the 1.000 level once again.

The Euro is pushing higher as you might expect with the EUR/USD up 0.80% and the EUR/GBP up 0.54%. The EUR/USD is above the 1.4000 level for the first time since the start of September.

Gold is retreating as investors switch from safe harbours to more appealing investments.

Trading Today

This morning we have advanced US GDP figures and unemployment claims at 13.30 with pending home sales at 15.00.

EUR/USD Fixed Odds Trading Idea

Judging by the market’s reaction this morning it seems traders are willing to give European and IMF officials the benefit of the doubt. This can be the only explanation with some of the finer details still to be hammered out.

The willingness of markets to skirt around the longer term issues indicates how powerful the desire is to get things back on an even keel. So while medium to long term questions still remain, the short term could see some further upside for the EUR/USD.

A way to play this might be a Higher trade predicting that the EUR/USD closes above 1.4200 in 28 days’ time for a potential return of 140%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

Markets were mixed yesterday afternoon as the major European summit had so far failed to produce any meaningful solutions. Markets evidently priced this in to some extent because stock markets were essentially flat, while the ‘risk’ off trading on forex markets could be largely attributed to a resurgent US dollar.

US durable goods orders and new home sales came in above estimates, causing the buyers to take another look at the dollar. There was certainly a negative tone to the afternoon’s session, particularly with gold up 1.31%, but markets were not trading as if facing Armageddon.

The Australian dollar was hit hard with the AUD/USD down 0.82% and the AUD/JPY down 0.90%. The Canadian dollar bucked the trend with the USD/CAD down 0.65% after bullish comments from the Bank of Canada. The EUR/USD was down 0.56% with the EUR/JPY down 0.59%.

Gold traded well above $1700, rallying over $20.

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

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.
 

Today we have the European finance summit which aims to solve the current problems once and for all – but given European official’s record thus far, a full and complete solution today seems unlikely.

Indeed the FT reports that the main opposition party in the Netherlands is threatening to block any agreements from the summit unless it has “sufficient score to solve the Eurozone crisis once and for all”. After numerous patch up jobs patience has finally run out.

The S&P 500 spreads closed down 2% last night on combined Eurozone and US consumer confidence fears. Things are a little better this morning with the futures market up 0.5% this morning.

Away from the European circus, the Australian dollar is under pressure following below expectation average CPI data. The AUD/USD is down 0.37% with the AUD/JPY down 0.55%.

The Japanese yen is on the advance again after the USD/JPY hit record lows yesterday.

Gold is also profiting from the US dollar’s relative weakness, rallying 0.60% this morning.

Trading Today

Before the European ‘summit to end all summits…until the next summit’ we have a German parliament vote on Angela Merkel’s bailout fund mandate.

We also have a busy day for planned economic data with UK CBI industrial orders at 11.00.

At 13.30 we have US core durable goods orders followed by new home sales at 15.00.

Canada comes into focus at 15.30 with the Bank of Canada monetary policy report followed by the BOC press conference at 16.15.

Late this evening we have the RBNZ’s latest rate statement, no change is expected.

USD/CAD Fixed Odds Trading Idea

The Eurozone summit is likely to fall short of a complete solution, but the question is whether this is already priced in by spread betting markets who might have lowered their expectations suitably.

With so many unknowns, today is likely to be something of a lottery, but one currency pair stands out. The USD/CAD rebounded rapidly off the 1.0000 level yesterday, but with some heavy Canadian data out today, we could see decent trading action again.

The direction of the move may be at the mercy of any Eurozone shocks, but yesterday’s big rally could set up a decent move lower.

A way to play this might be a Lower trade on the USD/CAD predicting that the pair closes today below 1.0100 for a potential return of 145%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

It was all happening yesterday afternoon with Europe providing a negative shock and US consumer confidence signalling recessionary levels. The euro took an early dive on the news that the pre-summit to today’s summit had been cancelled.

This isn’t not a disastrous development per see, but it hardly bolstered confidence in the current environment, with Italy’s government on the verge of collapse. The EUR/USD was down just 0.12% with the EUR/JPY down 0.43%.

The USD/JPY dropped to a record post WWII low on the back of weaker than expected US consumer confidence data.

Commodity related currencies were hit hardest with the NZD/USD down 0.82% and the USD/CAD bouncing off the 1.0000 level to trade up 0.87% on the day.

Gold looked like it might be getting comfortable again with its mantle of ‘safe haven’, rallying 2.80%, largely helped by the weak US dollar.

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

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.
 

This morning we have a stern test for the British pound, with UK current account data due at 09.30.

The data is expected to show an increase in the deficit to 9.7 bn. In addition, we also have mortgage approvals released at the same time and Bank of England Governor King speaking at 09.45.

The GBP/USD has lagged behind its peers this month, rallying just 2.5%, compared to the EUR/USD‘s 3.8% gain in October. The biggest winners this month are still by far the AUD/USD and NZD/USD which have rallied 8.2% and 5.4% respectively in October.

Things are a little slower this morning with the GBP/USD struggling to get through the 1.6000 level and the EUR/USD down 0.20%. The AUD/USD is also having problems getting above the 1.0500 barrier.

The EUR/JPY is also struggling to make progress this morning, after limping over the 106 level last night.

Trading Today

Today we have UK current account data at 09.30 with Bank of England Governor King speaking at 09.45.

Canada comes under focus at 13.30 with retail sales data followed by the BOC rate statement at 14.00.

The latest US Case-Shiller House Price Index is released at 14.00 with an improvement expected. We also have US consumer confidence at 15.00 with an increase to 46.1 expected.

USD/CAD Fixed Odds Trading Idea

The USD/CAD is heading back towards the parity level after pushing higher throughout September. Canadian economic data out today might provide a helping hand for that final push, or have the opposite effect.

Looking at the last few times the USD/CAD broke through the parity line (1.0000) in the currency spreads, it rarely did so at the first time of asking, with a number of pullbacks before the pair finally broke through.

A way to play this might be a Lower trade predicting that the USD/CAD rebounds and touches 1.0100 in the next 1 day (at the close on Wednesday). This could return 113% if successful.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Yesterday Afternoon

Stock markets extended their rally yesterday afternoon as traders are showing increasing confidence that the European officials will be able to stop the Eurozone imploding. The FTSE 100 closed up over 1% with the S&P 500 futures increasing the distance from the troublesome 1200 level.

On currencies, the US dollar suffered as FX spread betting investors looked for better yields elsewhere. The high yielding AUD/USD and NZD/USD were the day’s top movers, up 0.99% and 0.70% respectively.

The Japanese yen continued to stretch the Bank of Japan’s patience, with the USD/JPY testing the 76.00 level once again.

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

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.
 

The big weekend European summit has passed by without a major agreement on the two potential models to expand the financial firepower of the European Financial Stability Facility.

Focus has now shifted to Wednesday’s joint EU and Eurozone summit which is supposedly the deadline for tangible plans to be produced. What price on this deadline slipping with more hazy plans put out in the interim?

Markets are still willing to buy on optimism and S+P 500 futures are up another 0.25% this morning after successfully holding the 1200 level last week.

‘Risky’ commodity currencies are pushing higher with the AUD/USD and NZD/USD up around 0.40%.

European currencies are largely unmoved this morning with the EUR/JPY flirting with the 106 level this morning. The GBP/JPY is also testing the 122 level from below.

Gold held the $1600 level last week, but still is still stuck in a range between $1600 and $1700.

Trading Today

This morning sees the release of various European flash manufacturing and PMI data points.

NZD/USD Fixed Odds Trading Idea

Markets appear to be looking at the glass as being half full at the moment, but nothing in European politics is ever as straight forward as it could or should be.

Spread betting markets have rallied on the hope/expectation of a successful resolution of the Eurozone crisis, but there could be some road bumps before the big summit meeting on Wednesday. The NZD/USD can be a good way to play exaggerated moves on global confidence due to its high yielding interest rates and might offer better risk reward than the EUR/USD ironically.

There are no guarantees that there will be disappointment this week, but if there is, the NZD/USD could be a good pair to be on.

A way to play this might be a Lower trade predicting that the NZD/USD is below 0.8025 in 1 days time for a potential return of 166%.

Editor’s note: if you lose a fixed odds trade then you lose 100% of your stake.

The Markets Friday Afternoon

The fear/hope barometer swung towards hope on Friday afternoon with stock markets heading for a 1%+ close and the dollar dropping by around 1% against most other currencies.

The USD/JPY dropped by around 1%, hitting the 76.00 level for the first time since August. Traders have speculated that the Bank Of Japan won’t intervene until Thursday. With the threat of stepping on a central bank land mine seemingly diminished, traders have been happy to buy up the yen.

The EUR/USD had a positive day last Friday, but the EUR/JPY struggled owing to the strength of the yen.

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

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.