BetOnMarkets.com Daily Market Report
The FTSE, 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.
Pair in play
The pound took a real beating yesterday after the Bank of England
unexpectedly extended its quantitative easing program. The GBP/USD pair is
currently slap bang in the middle of two important levels; 1.7000 and 1.6500.
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. Barrier range
trades can be accessed under the boundary bet window.
