Pounds To Dollars Daily Candle Chart - GBP/USD 6th August 2009

Pounds To Dollars Daily Candle Chart - GBP/USD 6th August 2009

The FTSE100, CAC and DAX have had a storming start to the day, erasing yesterday’s losses in the first 10 minutes of trading. US markets were pretty uninspiring last night but overnight news flow has continued to be positive with well received results from insurance giant Aviva. Today all eyes are on the UK MPC and European ECB interest rate decisions. Both are expected to keep rates on hold at 0.50% and 1.00% respectively, but rate decisions aren’t the only thing that central bankers have active on throughout the crisis. Traders will look for any news on any expansion of the Bank of England’s quantitative easing program. Following these announcements, we have US unemployment claims at 12.30 GMT.

My Binary Bet Pair in play

The have been some significant moves on the Australian and New Zealand dollar overnight after their latest employment figures. The Australian dollar has come out better off, rising against the US dollar this morning while the New Zealand dollar has fallen.The major pairs are relatively quiet though with traders keeping their powder dry ahead of the rate announcements from the ECB and MPC. The pounds vs dollar probably has the greater potential for volatility with the Bank of England’s more expansive quantitative easing program. It may be quiet now, but giving the potential for action around midday, today’s pair in play is the GBP/USD. The pair is just underneath the 1.7000 level which is acting as resistance, but a surprising result from today’s news conferences could see the GBP/USD blast through this. A One Touch trade higher could be the best way to play this.

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