Spread Betting: Dollar Close to All Time Low Versus the Yen

Posted on | August 4, 2010 |

This morning, stock and forex markets look set to follow on from yesterdays main trends with risking taking on the back foot and the yen in the driving seat.

In the spread betting market the USD/JPY is hitting fresh monthly lows, with the all time low of ¥84.82 around 50 pips away.

The yen is strong across the board, not just against the US dollar. The EUR/JPY and GBP/JPY are down 0.50%.

This morning the biggest faller is the AUD/JPY which is perhaps telling given that there has been some strong data from Australia this morning. The markets appear to be selling off despite the good news, which may be an ominous sign.

Australian Trade balance shot up to 3.54bn vs the 1.81 expected. In addition the Australian House Price index came in above expectations. However none of this has been enough to shift the gloom this morning.

Trading Today

We start the European session with UK Halifax House Price data (Another drop expected) and services PMI at 09.30.

Today’s main event is the US ADP Non Farm employment change. A big improvement is expected and hoped for on last month’s release. ISM manufacturing follows at 15.00.

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