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Date Posted: 01:19:54 05/10/12 Thu
Author: Charisse Bartoli
Subject: Chinese data sparks rebound

This morning, financial markets are rallying following a slew of positive data overnight. Japanese current account data came in better than expected with Australian employment data also impressing. However, the real catalyst has been better than expected Chinese Trade balance numbers that came in well above estimates.

With its close ties to China, the Australian dollar has been the main beneficiary this morning, with the AUD/ JPY up 0.80% and the AUD/USD which is up 0.70%. The NZD/USD is riding higher on the Aussie's coat tails, up 0.43%.

Gold is stabilising this morning, but is still down significantly for the week.

The euro has improved somewhat this morning, but after Spain part nationalised its third largest bank, doubts still remain.

Coming up today we have the ECB monthly bulletin at 09.00. UK manufacturing production follows at 09.30 with an increase in production expected. The UK comes under focus again with the latest interest rate statement and asset purchase facility numbers. As we have seen recently, it is the formal statement & press conference that will provide the most interest.

Canada comes under focus at 13.30 with trade balance figures. US trade balance figures are also released at 13.30 with unemployment claims out at the same time. Fed chairman speaks at 14.30.
Keep an eye out for UK NIESR GDP estimates at 15.00.

The USD/CAD is travelling well this morning after hitting overhead resistance around 1.0050 yesterday. The pair rarely travels too far too quickly in one direction without some sort of healthy correction so this morning's sell off could have further to run.

A good way to play this might be a LOWER trade on BetOnMarkets.com predicting that the USD/CAD closes below 0.9975 in 1 days time for a potential return of 137%.

Get this trade now, go to: http://goo.gl/pdr1L

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