BetOnMarkets Market Analyst Nov-10,2009

A good start to the week

Market report 05.00 AM GMT

Stock markets such as the Down Jones (Wall Street) and the FTSE 100 managed to close last week in positive territory, but that doesn’t tell the whole story. Investors were confronted by a host of top tier economic data including interest rate announcements and important US employment data.

It was a volatile week and the big economic announcements could have been interpreted either way. Thankfully for stock markets, investors appear to be keen to look at the glass as being half full rather than half empty and this positivity is still in force judging by this morning’s early action.

The FTSE 100 is set to 0.7% higher, oil is up and gold is once again flirting with the $1,100 level.

On the Forex markets, the yen and US dollar are firmly out of favour with the yen coming out worse overall.

The pound, euro, Canadian dollar, Aussie dollar and New Zealand dollar are all surging ahead. The antipodeans (New Zealand and Australian dollar) are the pick of the bunch so far today.

What's hot?

The Aussie dollar: AUD/USD & AUD/JPY
The New Zealand dollar: NZD/USD
The pound: GBP/USD & GBP/JPY
The euro: EUR/USD & EUR/JPY
Canadian dollar: CAD/USD


Bet idea:

The pound/ US dollar (GBP/ USD) is surging higher today with September’s high of 1.6741 the next likely target. There could be some good moves to the upside until that point, but it will be interesting to see how the pair reacts once that level is reached. Double (up) bets could be a good way to play this until the GBP/USD hits 1.6741.

Today's market movers:

Not a tremendous amount of market moving events due today. German industrial production at 11.00 GMT and Canadian housing starts at 13.15 and the standout news items.

Currency guide:

USD: US dollar
GBP: Great Britain Pound
JPY: Japanese Yen
EUR: Euro
CHF: Swiss Franc
AUD: Australian Dollar
CAD: Canadian Dollar
NZD: New Zealand Dollar

Currencies trade in pairs so you might see USD/JPY which means the US dollar/Japanese Yen exchange rate.