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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Aussie leads the way ahead of NFP

Currencies / Forex Trading Oct 07, 2011 - 06:38 AM GMT

By: Regent_Markets

Currencies

This morning the US dollar is under some pressure with the Aussie and Kiwi dollars bursting higher in early trading. The AUD/ USD is up 0.75% with the NZD/ USD up 0.65%. The British pound is not far behind with the GBP/ USD up 0.62%.


By contrast, the euro has been lagging with the EUR/USD up just 0.25% and the EUR/GBP down by 0.35%. Europe is not out of the woods yet. The USD/ JPY has gone back into its bunker of the range between 77.00 and 76.00 with no breakout in sight...yet.

Stock markets are dead in the water following three days of solid gains as traders await today's Non Farm Payrolls.


Today's trading will undoubtedly be dominated by US Non Farm Payrolls which are due at 13.30. Consensus estimates are for the reading to come in around 55,000 with unemployment remaining at 9.1%. We will see the usual initial wild movements following the 'number' then some sort of counter move as traders analyse the deeper statistics. Canadian employment data is released earlier at 12.00.

Before this we also have UK PPI input and output at 09.30 and German Industrial production at 11.00.With NFP effectively a lottery, it would be prudent to keep position sizes nominal if interested in making a play ahead of the number.

In this context, one trade idea might be to predict that the NZD/USD closes Monday outside of either 0.7650 or 0.7850 at BetOnMarkets for a potential return of 118%. By Dave Evans

Email: editor@my.regentmarkets.com
Url: www.BetOnMarkets.com

With BetOnMarkets, you can trade an ever increasing list of globally traded stocks, indices, commodities and forex currency pairs from one account using a uniquely LOW RISK trading platform that lets you lock in your level of risk and exact return BEFORE you commit to a trade. You can bet on over 100 currency pairs, indices, commodities and stocks with bets ranging from 30 seconds up to 360 days. You can fund your account with as little as $5 and bet for just $1 and its unique "fixed returns" service means you know exactly how much you stand to win or lose before you commit any money. If you are looking for a low cost, low risk way to participate in the markets, then BetOnMarkets is for you. Check us out now at www.BetOnMarkets.com

Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Do your own due diligence.

Regent Markets Archive

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