- This morning, markets have continued to slide with the S&P 500 sipping back to the 100 period moving average after a brief flurry last week.
- The risk-off trading mood is translating into greater demand for the Japanese yen, with the USD/ JPY dropping by 0.89%. Other yen pairs are following suit.
- The Australian dollar is coming in for isolated pressure, with the AUD/ JPYdown 1.52% and the AUD/ USD off by 0.63%. Five year lows for copper prices are a primary reason for this fall today.
- Elsewhere, the British pound has stabilised after record low inflation levels yesterday.
- Coming up today we have the ECJ ruling on Draghi’s QE plans.
- US retail sales follow at 13.30, with import prices released at the same time. Business inventories follow at 15.00.
- BOE governor Carney speaks at 14.15 at the treasury select committee.
- The euro could come in for some volatility as we get a non binding ECJ ruling on Draghi’s QE plans. In this case it may pay to ride the prevailing trend lower.
- A good way to play this is a LOWER trade predicting that the EUR/ JPY will close below 137.25 in 7 days time for a potential return of 145%
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.