BetOnMarkets.com Daily Market Report
It has been a very strong start to the day for European stock markets with UK
traders pushing the FTSE 100 higher by around 0.85% after yesterday's bank
holiday. It was a weak session for US markets last night, but strong Chinese
manufacturing numbers have given traders a shot in the arm.
This morning
we also have UK manufacturing PMI which is unlikely to have as dramatic an
impact as the Chinese numbers, but is still an important announcement. Following
this we have US ISM manufacturing at 14.00 GMT and Pending Home Sales at the
same time.
Pair in play
Appetite for risk has returned with the pound enjoying its best
day since the middle of August. The UK single currency is up 0.45% against the
dollar and 0.8% against the yen. The euro is also enjoying a strong day against
the Japanese single currency, but it is the pound that is setting the early
pace.
Yesterday, GBP/JPY came within just 7 pips of hitting 150.00, but
this morning's rally is pushing the pair higher by some margin. The downtrend
that started in August is still worth noting though and the GBP/JPY could still
yet hit the psychologically important 150.00 level. A One Touch Trade over three
days could be the best way to play this.
