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Date Posted: 00:55:58 07/24/12 Tue
Author: Charisse Bartoli
Subject: Markets attempt rally, but euro still lags

After heavy selling yesterday, financial markets are looking more stable despite negative outlook revisions for Germany's credit rating last night. Improving Chinese manufacturing PMI has helped the mood this morning, with the best activity numbers since February.

The Australian dollar is seen as a China proxy and is leading markets higher as a result along with the New Zealand dollar. The NZD/USD and AUD/USD are both up around 0.36% with the AUD/JPY up 0.23%. The yen is clawing back the initiative against the US dollar again this morning after giving back its gains intra day yesterday. The US dollar index is still hovering near the highs.
The european pairs are lagging still, with the EUR/JPY down slightly on the day.

We've a fairly busy day ahead today starting with Germany flash manufacturing at 08.30 with slight improvement expected. Eurozone wide flash manufacturing is due 30 minutes later at 09.00. Canadian core retail sales follow at 13.30, with Fed Chairman Bernanke speaking at 13.45. US flash manufacturing figures are released at 14.00.

With markets holding after yesterday's sell off, the big question is whether today's early moves are the start of a rebound, or an opportunity to ride the selling lower. With the key European questions still not answered, the latter option might offer the better value. The NZD/USD is sitting just above support, but if this level breaks, there could be some good follow through selling.

A good way to play this on BetOnMarkets.com might be a LOWER trade on the NZD/USD predicting that it will break recent support and close below 0.7850 in 2 days time for a potential return of 229%.

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

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