Pound vs Yen - Daily Candle Chart GBP/JPY 9th July 2009
There is a divergence in the fortunes of the FTSE, CAC and DAX in early trading this morning. The FTSE 100 is up a third, while the CAC and DAX are up 0.5% and 1% respectively. The commodity heavy FTSE is suffering as oil prices remain under pressure. This morning we have the ECB monthly bulletin at 08.00 GMT followed by UK trade balance at 08.30 GMT. Today’s top announcement is the Bank of England rate statement due at 11.00 GMT. Rates are highly likely to remain unchanged, but traders will be looking for some significant comments on quantitative easing from governor King that could spark some volatile action. Canadian housing starts follow 12.15 and US unemployment claims at 12.30 could also cause so big movements in North American markets.
Fixed Odds – Suggested Fixed Odds Bet Today
There was a huge increase in yen pairs yesterday and a corrective move is in place this morning. The yen increased by 3% against the dollar in just a few days, causing Japanese officials to blame speculators. The dollar is also under pressure as confidence returns to financial markets and the dollar’s safe haven status seems less attractive. Predictably the yen pairs are in play this morning with the EUR/JPY (Euro vs Japenese Yen) and GBP/JPY (Pound vs Yen) moving nearly 1% this morning alone. With a rate announcement due from the bank of England today, today’s pair in play is GBP/JPY. The GBP/JPY hit 146.75 and is now trading around 150, but for now the longer term trend is still intact and the 146.75 level could be revisited in the next couple of days. A good way to play this might be a one touch trade which returns a profit if the level is hit just once. At current levels a one touch trade predicting that the GBP/JPY will hit 146.75 in the next 4 days could return 183%.
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