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Euro vs Dollar - Euro Dollar Daily Forex Chart

Euro vs Dollar - Euro Dollar Daily Forex Chart

The FTSE’s flirtation with the 5000 level looks as though it might be short lived as European markets start the week with a sell off. The FTSE 100, CAC and DAX are down around 1% in early trading with US futures indicating that  Wall Street will open down by a similar amount this afternoon. The weekend sentiment has been on the negative side with fears that Obama’s plans to raise the tax rates on certain Chinese imports will start a trade war that could harm the global economic recovery. There are no top tier economic announcements due today, but speeches from FOMC members Lacker and Yellen in the afternoon could create some ripples in the dollar pairs.

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As the London session hots up, there are some interesting moves afoot. Last week the dollar was out of favour, but this morning it is one of the strongest currencies overall. The are big gains for the dollar against the pound, Aussie dollar and Canadian dollar as oil prices slip below $70 and commodity prices slip. The yen seems to be moving more in line with the dollar today with similar moves against the same currencies. The exception appears to be the euro which although down today, has not fallen by as much as other major currencies against the yen and dollar. This makes the euro vs dollar today’s pair in play. In the last four trading sessions the EUR/USD has tried and failed to hold above the 1.4600 level. With the likes of the pound still struggling, it is perhaps unlikely that EUR/USD will find enough momentum to hold the level today. A double (down) trade might be the best way to play this, especially if the price gets closer to 1.4600 today.

In order to provide you with more help with your binary options trading I have recently added many new features to the site including live currency charts, the latest currency news and fundamental analysis on video every morning, live commodity prices, stock charts and index charts, along with a national holidays calendar, and finally if you are looking for a good ECN broker then please just follow the link.

Binary Betting Tips – Binary Trade 11th September 2009

Friday, September 11th, 2009
Pound vs Yen - GBP/JPY Daily Forex Chart

Pound vs Yen - GBP/JPY Daily Forex Chart

It’s been a very good start to the day for European stock markets with the FTSE, CAC and DAX all up by around 0.6%. Yesterday the S&P 500 and tech heavy Nasdaq 100 smashed through resistance to record their highest levels for the year. Yesterday the FTSE 100 failed to hold the 5000 level but the overnight sentiment from the US is helping to fuel another surge higher. Today’s standout economic announcement is UK PPI at 08.30 GMT with a number of middle tier US economic announcements to follow in the afternoon.

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Perhaps it’s another sign of the effects of the credit crunch easing, but in the last few days, the dollar and yen have diverged significantly. Throughout the crisis and until recently, both the yen and the dollar were a good proxy for risk appetite with currencies such as the euro falling against both when investors become nervous. Now the yen has broken out of this pattern and is surging higher while the dollar is experiencing weakness. The dollar is down nearly 1% against the yen but for all the headlines about the weak dollar, it’s moves against other currencies has been less severe. Today’s move on the USD/JPY is all about the yen with the Japanese currency gaining by at least 0.7% against virtually every other major currency.

The GBP/JPY has been relatively range bound for most of the week and today’s fall is bringing the pair towards the bottom of this range around 151.35. This makes the GBP/JPY today’s pair in play. The best way to play it, may be to wait for the price to get closer to the 151.35 level and make a double (up) trade predicting that the GBP/JPY will rise. Then yen is strong today, but the pound is holding up well against most other currencies so any downside for the GBP/JPY could be muted.

In order to provide you with more help with your binary options trading I have recently added many new features to the site including live currency charts, the latest currency news and fundamental analysis on video every morning, live commodity prices, stock charts and index charts, along with a national holidays calendar, and finally if you are looking for a good ECN broker then please just follow the link.