Forex Spread Trading Markets See Euro Spike on ECB Plan
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 7 October 2011
This morning the FTSE is biding its time, hovering around 5300, as it’s all about the Non Farm Payroll today.
We all remember how last month saw a big fat 0 hit the screens and subsequently the Dow Jones shed some 400 points or so in the following few days.
Today’s number is expected to come in around the 73k mark and if the ADP figure on Wednesday and yesterday’s initial jobless claims is anything to go by we could see this and maybe more.
The Euro has managed to scrape back this week’s losses against the Dollar, on the back of news that the ECB were to freeze interest rates at 1.5% and plans to buy €40bn of bank bonds.
Forex spread trading investors took this with great delight and shifted out of the safe haven Yen and Dollar, creating a spike in the Euro.
The Euro - Dollar forex pair is trading at $1.3455 having rebounded on its last support level and after yesterday’s moves. We could see the Euro have a bit of a squeeze to end the week.
Gold’s negative correlation with the US Dollar started to take its form again yesterday, finding direction from the general sentiment on the global economic outlook.
Demand for the yellow metal could grow after yesterday’s central bank manoeuvres. However, the fact that the advance was only $8.5 to $1650.0 on such significant news could show that there is still a heap of caution around. Currently, the gold spread betting market is still on the rise, trading at $1660.3.
The energy spread betting markets look like they are jumping on the back of optimism in the equity markets and so crude prices are clawing back losses made last month.
General census was that the ECB were seen to be making the right moves to deal with the ongoing debt crisis and, therefore, demand for the black stuff will not decline as had been initially feared.
All eyes will be on the Non Farms later today to confirm this optimism though.
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 Trading Markets See Euro Spike on ECB Plan' edited by SD, updated 07-Oct-11
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