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Binary Betting Tips 8 Dec 2009

With little fundamental news for the euro dollar the forex markets are concentrating on the Japanese Yen which has seen huge moves over the last 3 trading day.  The Yen has recovered Friday’s losses against the euro and sterling and is making a good fist of doing the same against the US dollar.  The EURJPY is down 0.7% and down 0.75% against the GBPJPY.  The dollar yen (USDJPY) is also down 0.75% but needs to fall by as much again in order to recover all of Friday’s losses.

Gold had a nervous day but positive day yesterday, ending the gold trading session with a deep hammer candle, rallying almost $25 giving gold bulls hope.   Although there is little fundamental news out today in the US (and thin trading volumes) we can still expect some volatile price action, particularly in the Dow which tends to cycle between big and small range days almost on a daily basis so it may be worth looking for breakout trades, with tight stops & taking quick profits.

Forex Pairs to Watch:

Yen Pairs:  USDJPY, GBPJPY & EURJPY – as BOJ (Bank of Japan) continues to battle to weaken its currency.

Market Moving News :

UK – Latest house prices from Halifax followed by manufacturing data.
Canada – Canadian Housing Starts & Interest Rate Statement – given better than expected Building Permits data yesterday any hint from the BOC (Bank of Canada) that rates have to rise could boost the Loonie – especially as Bernanke has reiterated stance having low interest rates in US.