Overnight data pushes markets lower
There´s been no let up in the selling pressure over night with investors continuing to react to the poor employment data coming from major economies. Overnight New Zealand employment change and unemployment rate numbers continued the trend of coming in worse than expected. As a consequences, the NZD/ USD is down another 0.37% this morning. The AUD/USD is down 0.22% in sympathy.
The dollar index is pushing higher across the board as investors swing back into safe harbours. Gold is suffering as a consequence, with the precious metal off by 0.32%.
Coming up today we have UK services PMI data at 09.30 with a drop to 54.4 expected. UK Nationwide HPI already came in at -0.2%. The main economic item of note today will be the ECB rate decision and more importantly the accompanying press conference at 12.145 then 13.30 respectively.
US unemployment claims follow at 13.30 with a slight drop expected.
US ISM Non Manufacturing PMI are released at 15.00.
Yen pairs are relatively quiet so far, with the USD/JPY rallying slightly. The down trend does still seem to be firmly in tact though. With the economic outlook uncertain, the yen has been in demand of late and this could continue, at least in the short term.
A good way to play this on BetOnMarkets.com might be a LOWER trade predicting that the USD/JPY closes below 79.75 in 7 days time for a potential return of 172%.
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