Dollar slips back as gold leads
This morning, financial markets are mostly waiting on the speech from Ben Bernanke as the Jackson Hole symposium draws to a close. Markets are
hoping for some strong hints that a third round of quantitative easing is on the cards.The only real movement out there today is from the
Japanese yen, which is improving on yesterday´s gains. The USD/JPY is down 0.24%, with other pairs down around 0.2%. The biggest moving
dollar pair is the NZD/USD which is down 0.10%.
Today´s main item is Fed Chairman Bernanke´s speech at 15.00. We start the day with European CPI estimate and unemployment rate at 10.00.
Canadian GDP follows at 13.30. At 14.45 we have Chicago PMI with UoM consumer sentiment at 14.55. Even just a hint of further Quantitative
Easing from Bernanke could be enough for markets to keep their hopes up. This is far from guaranteed though and today could see some volatile
trading as traders try to find some meaning in Bernanke´s speech. The EUR/JPY has been trading in a tight range in recent days, but today´s
Bernanke speech could see a breakout from that range.
A good way to play this on BetOnMarkets.com might be an IN/OUT trade predicting that the EUR/JPY goes outside of 97.00 or 99.50 in the next 3 days.
(I.e. the EUR/JPY touches either one of these levels). This could return 147% if successful.
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