Forex Spread Betting: Euro Rises Ahead of Merkel/Sarkozy Conference Call
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Trading 14 September 2011
At the time of writing the FTSE is doing very well to improve on what started as a poor start to the day’s trading.
We had called the index lower by some 40 to 50 points, which is where we started out, but it hasn’t taken long to reverse those losses. We’re now back above the 5200 level in positive territory and looking in relatively good shape.
Spread betting investors are holding onto a glimmer of hope that the call between “Merkozy” and Greece’s Prime Minister George Papandreou will, as a minimum, confirm their next tranche of bailout funds. Many are also hoping it will be the first step towards the desired action needed to halt the crisis ahead of Friday’s key G7 meeting in Poland.
Today’s major economic data releases come in the form of US retail sales which are expected to rise a little by 0.2%.
The last Beige Book was relatively encouraging from a consumer spending point of view through August, despite what was going on in the financial markets. This might be a ray of light in the darkness.
On the forex spread betting markets, the Euro managed to post a slight gain versus the Dollar, closing up at $1.3678. Traders took on a bit of risk ahead of today’s Merkozy conference call, where they will talk about the general debt situation in the Eurozone.
Merkel has claimed that she’s confident something can be put together for Greece’s bailout, and this encouraged the markets. This morning the Euro is having a squeeze, and is trading at $1.3660 against the Dollar.
The gold spread betting market has been hovering around $1830, flirting with the $1800 level, and whilst the Euro situation unfolds traders are unsure about how to position themselves in the yellow metal.
We’re at $1828 at the time of writing and the focus remains on what might come of today’s Merkozy meeting and what might be the possible outcome of Friday’s G7 meeting.
Until then we might well trade sideways for now, with the ominous “double top” still looming in traders’ minds.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'Forex Spread Betting: Euro Rises Ahead of Merkel/Sarkozy Conference Call' edited by SD, updated 14-Sep-11
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