BigNews.Biz - Apr 10,2012 - It's the first trading day proper after the Easter holiday and markets are decidedly mixed. On the positive side, commodities have received a boost following China's unexpectedly positive trade balance data. Unfortunately, the Bank of Japan cooled any hopes of providing a liquidity boost by stating that an expansion of stimulus was not discussed at the recent meeting.
Gold is rallying 0.59% this morning, with the US dollar index heading the opposite direction.
The yen pairs are showing the biggest movement so far, with the USD/JPY down 0.30%. The pound is coming in for some selling pressure with the GBP/JPY down 0.32%.
Coming up today we have European Sentix Investor Confidence at 09.30 with a drop of 7.7 expected.
In the afternoon we have a number of minor UK and US data points with FOMC member Lockhart speaking at 17.45. Analysts will be looking for any clues on quantitative easing there.
The AUD/JPY has recent followed a pattern of an up day being followed by a much stronger day as the down trend continues. The same pattern appears to be playing out so far today, with a small down move in force. There's room for further downside over the next few days, especially if concerns over global growth continue to fester.
A good way to play this on BetOnMarkets.com might be a LOWER trade predicting that the AUD/JPY closes below 83.25 in 3 days time could return 157% if successful.