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Date Posted: 00:55:53 07/12/12 Thu
Author: Charisse Bartoli
Subject: Markets on Australian data

This morning financial market's wings have been clipped following worse than expected Australian economic data in the early hours of the morning. Added to this, last night's Fed minutes gave no hints of an expected economic stimulus package, while South Korea unexpectedly cut rates this morning.

The main movements are in the Asian related currencies, with the AUD/JPY dropping by over 1.31%.With the Australian economy closely tied to China, any bad news for Australia is taken by proxy as potentially bad news for the rest of the world. The AUD/USD is down 0.82% with the NZD/USD down 0.77%.

Gold is off by 0.46% as the risk off trade takes hold. The yen pairs are generally lower with the USD/JPY dropping by 0.52% this morning. The EUR/JPY is down 0.67% but the bulk of this move is due to yen strength rather than outright euro weakness.

The remaining dollar pairs are fairly quiet with the GBP/ USD down only slightly this morning.

Coming up today we have the ECB monthly bulletin at 09.00 followed by the industrial production at 10.00. ECB president Draghi speaks at 13.00. US unemployment claims follow at 13.30, with the Federal budget balance released at 19.00.

The EUR/USD has been curiously quiet these last couple of days as the politician limp towards a coordinated solution. Great European integration is the only viable solution to the Euro crisis (save for letting some countries leave) and this is what we're finally getting. However, European leaders have a canny knack of glossing over the small points that later appear as significant road blocks to progress. One of example of this is the German constitutional court challenging the promises Angel Merkel made regarding the use of EU bailout funds.

As such the EUR/USD's impasse is unlikely to last for long so a breakout trade could be on the cards here. A good way to play this on BetOnMarkets.com might be an IN/OUT trade predicting that the EUR/USD touches either 1.195 or 1.2400 in 7 days time for a potential return of 111% (Stays between/ goes outside).

Get this trade now, go to: http://goo.gl/HvF5E

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