Pound vs Dollar - Daily Candle Chart 22nd July 2009
It’s been a flat opening for the FTSE, CAC and DAX as the bulls and bears continue to trade punches. There was excitement after the close of US markets last night as Apple smashed its earnings estimates. Unfortunately this excitement has proven to be short lived and there has been a steady decline in optimism overnight. Investors didn’t get anything too bullish from Fed chairman Ben Bernanke and other company announcements such as Yahoo were a muted affair. After such a spectacular run up, a bout of profit taking or buying fatigue is natural. At 08.30 GMT today we have the release of the minutes from the last MPC meeting, followed by Canadian retail sales at 12.30, then at 14.00, Fed Chairman Bernanke continues his testimony. Aside from a number of middle tier economic announcements, these will be today’s main market movers today.
My Fixed Odds Suggested Trade
The pound is getting hammered in early trading, most notably against the dollar where it stands 0.75% down on the day. Investors are taking fright at the size of the UK debt mountain and news that up to 9% of tax revenue could go to debt repayments in the next 5 years. Money is flowing back into the perceived safety of the US dollar and Japanese yen, making the GBP/ USD today’s pair in play. 1.6500 looks like it’s becoming a tricky level to surpass on the GBP/USD. A bear trade predicting that the GBP/USD will be below this over the next few days could be best way to play this.
Good luck with this fixed odds suggestion and remember, you can find all the latest currency trading news, live news, latest prices on the currency charts, latest movements on the index charts or commodity prices, by following the appropriate links. Remember also that if you are looking for a good fx broker or fixed odds broker, then again just click the relevant link and this will take you to a new page on the fixed odds site, and good luck with this one.
