Pounds To Dollars - Daily Candle Chart 7th August 2009

Pounds To Dollars - Daily Candle Chart 7th August 2009

The FTSE 100, CAC and DAX have all opened in the red after a jittery session on Wall Street and losses in Asia overnight. The UK banking sector has been hit hard this morning after the government owned RBS missed analyst’s expectations by a wide margin. Markets are recovering as traders sift through the fine print of the bank’s results, but markets are still under water. At 12.30 today we have the all important US Non Farm Payroll number, with analysts expecting a further improvement on last month. Anything worse than the expected loss of 320,000 jobs and the bears could finally get the catalyst they have been looking for to drive this market lower.

Binary Bet & Fixed Odds Tip Today

The pound took a real beating yesterday after the Bank of England unexpectedly extended its quantitative easing program. The pound vs dollar pair is currently slap bang in the middle of two important levels, namely the 1.7000 and 1.6500 technical price handles. With today’s Non Farm Payroll announcement, there is potential for volatility around midday that could drive the pair to either of these levels very quickly. A barrier range trade could be the best way to play this, with levels set in line with the above.

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