Fixed Odds Trading – Double Bet AUD/JPY 23rd July 2009
Published on Thu, 23/07/09 | Currencies, Currency, Fixed Odds Trades, Stocks & Shares
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Aussie Dollar vs Japanese Yen - Daily Chart 23rd July 2009
Aussie Dollar vs Japanese Yen - Daily Chart 23rd July 2009
It’s another flat opening for the FTSE, CAC and DAX this morning as the excitement over renewed bank profits start to subside. The US earnings season continues to roll on and so far the period has passed without any landmines going off. Unfortunately, it appears that Goldman Sachs got the earnings season off to such a spectacular start that reactions to positive reports such as Apple have been muted. Earnings season gives investors a chance to assess the overall profitability of US stocks and as European stock markets usually follow the American lead, the results can have global implications. The so called Big Mac indicator will be put to test today with McDonald’s releasing their results before the US open. After the close of US markets we have results from other another global behemoth, Microsoft. At 08.30 GMT we have UK retail sales followed by US unemployment claims at 12.30. The afternoon brings US existing home sales at 14.00 and a Bank of Canada monetary policy report at 14.30.
My Fixed Odds Bet
The Yen is being hit hard in early trading as investors look elsewhere for better returns. The biggest moves have been on the GBP/ JPY, EUR/JPY and the AUD/ JPY in particular. Investors are looking particularly attracted by the higher yields available with Australian securities. This makes the AUD/JPY today’s pair in play. Currently trading around 77.20, the AUD/JPY has recently had a habit of reversing gains made in early trading. A good way to play this might be a ‘Double Trades’ predicting that the AUD/JPY will fall today. Double Trades always return 100% if correct.