• This morning, markets appear to be cautiously optimistic despite analysts continuing to unpick the Greek debt detail even before the ink is dry.
• The euro is showing some relative strength, especially the EUR/ JPY which is up 0.67% in early trading.

• This move comes primarily on the back of the yen’s continued slump, with February showing a remarkable rally for the USD/ JPY from 76.0 up to 80.0.

• Other yen pairs are following suit with the AUD/ JPY up 0.51% and the GBP/ JPY up 0.54%.

 

Coming up today: 

• This morning we have a host of European manufacturing and services data with French and German data disappointing so far. European wide Flash data is due at 09.00 .
• The minutes from the last MPC meeting are released at 09.30.
• At 15.00 we have US existing home sales.

Bet Idea: 

• The AUD/ JPY has been riding the yen’s slump since the start of February and after Tuesday’s dip, there could be more upside ahead.
• A good way to play this might be a HIGHER trade predicting that the AUD/ JPY closes above 85.75 in 5 days time for a potential return of 144%.
• You can find direct links to this trade idea here and here.

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

Summary: 

• This morning offers further proof  that financial markets are forward looking machines. After yesterday’s pre-announcement rally, the euro is unchanged this morning on the official confirmation of a Greek debt deal.
• The EUR/ USD is unchanged while the EUR/ JPY is up 0.28%, primarily on the back of further yen weakness, with the USD/ JPY up another 0.23%.

• The biggest movements this morning are coming from down under with the AUD/ USD off by 0.39% and the NZD/ USD off by a similar margin. This follows hints from the Reserve Bank of Australia that it has room for monetary easing if required.

• Gold looks like it may be putting two consecutive up days together for the first time since the start of the month.

• This morning markets are extending their recent 2012 rally after Chinese authorities opted to pump more money into the economy and the Greece inched closer to a resolution. The FTSE 100 is up over 0.50% in early trading with US index futures up by around 0.2%.
• The main ‘risk on ‘ currencies are leading the rally with the NZD/ USD up 0.87% and the AUD/ USD up 0.49%.

• The euro is also pushing higher with the EUR/ USD up 0.41% and the EUR/ GBP up 0.20%.

• The USD/ JPY‘s rally is showing signs of slowing this morning with the USD/ JPY down by 0.10%.

Coming up today: 

• There’s no meaningful economic data due out today and volatility could be extra light due to the US Bank Holiday.

Bet Idea: 

• The USD/ JPY has been on strong rally lately as the yen backs off. The pair has been as high as 79.80 this morning, a level that has previously acted as a support point. Previous support can often act as resistance, so if the current USD/ JPY run is to stop, here is a good a place as any.

• A good way to play this might be a LOWER trade predicting that the USD/ JPY closes below 79.25 in 3 days time for a potential return of 107%.
• You can find direct links to this trade idea here and here.

Summary: 

• This morning markets are showing impressive resilience in the face of ongoing Greek difficulties. The Dow Jones close up nearly 1% higher last night as traders chose to focus more on the better than expected US economic data.

• This optimism is good news for the commodity currencies of the Aussie and Kiwi dollar, especially against the yen which continues to weaken. The NZD/ USD is up 0.35% with the AUD/ JPY extending its up trend, up 0.35%.

• The USD/ JPY is up another 0.25%, its highest level since August last year. The weakness is helping extend the trends of other yen pairs such as the GBP/ JPY.