GBP vs USD Daily Chart - 18th february 2010
A busy day for fixed odds trading today, with a raft of key fundamental news items which are already starting to move the forex markets in particular so plenty of trading opportunities for this morning and later in the US trading session. This morning we have already seen the rate statement from the Bank of Japan and as expected the rate was held, but in addition the BOJ has also held back from from expanding it’s asset purchase policy, and to date we have seen big moves in the Japanese yen as a result against other major currency pairs.
In the UK the public sector borrowing figures have been released, sending the pound lower against the US dollar, with the UK now borrowing a staggering 848.5 billion, almost 60% of GDP, so hardly a great surprise! – the forecast was for a net repayment of 2.8 billion, with the data adding further pressure to the pound in the London trading session so far this morning. In other markets we have the Canadian CPI data due out shortly and a positive number expected following last moths deflationary data.
Moving to the US markets we have a busy morning, with both PPI and monthly unemployment data due for release with the forecast for the latter to be the same as last time at 440,000 and the day closes with an important sentiment indicator, the Philly Fed which is expected to show that the US manufacturing industry is expanding once again. If all the US news is positive then we c an expect to see the GBP/USD pair fall further which should present good fixed odds trading opportunities to the short side. We are now looking at a break below the key 1.55 price point so a no touch bet to the upside looks a good trading strategy.
The MT4 platform from ODL offers all the above with the choice of either mini or standard trading accounts so you can begin to trade with as little as 500 euros so why not download your free demo copy of the metatrader 4 software by clicking on the following link – download metatrader free -Â and get started today, and don’t forget to follow my daily posts for updates and analysis of the forex markets to help you with your forex trading – so good luck and good trading.
