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Date Posted: 01:13:21 08/02/12 Thu
Author: Charisse Bartoli
Subject: Aussie leads as markets wait for ECB

This morning, financial markets are rewinding some of the moves made yesterday in reaction to the Fed decision to not implement more quantitative easing. This saw the dollar index soar and stocks sink as traders hopes of direct action were dashed. This morning, the dollar is stepping back slightly, but any moves this morning will be tentative ahead of today's big ECB meeting.


Expectations are high for direct action from the ECB along with strong hopes for other stimulus measures, but there does now seem to be a very high minimum outcome expectation. The euro is showing some relative strength still, while the British pound heads in the opposite direction.

The AUD/JPY is the biggest mover this morning thanks to better than expected Australian retail sales and trade balance in the small hours of the morning. Overhead resistance still looms large though.

Coming up today we have UK construction PMI at 09.30 with no change expected. The day's main event is the ECB rate decision and accompanying press conference at 12.45 and 13.30. The Bank of England release their rates at 12.00 with some outside whispers of a rate cut in the offing.

The AUD/USD is travelling well, despite yesterday's dollar strength. Any good news from the ECB today could provide a pop higher, but there could be limits to the upside with a higher channel providing resistance over head.



A better way to play this might be a ONE TOUCH trade on BetOnMarkets.com predicting that the AUD/USD touches 1.0575 in 1 days time for a potential return of 119%.


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

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