• It's been a typically quiet Monday morning session, but confidence has gradually returning to forex markets throughout the Asian session.
• Commodity currency pairs - Namely the AUD/USD & USD/CAD are the biggest movers so far this morning. The AUD/JPY has been consistently gaining this morning.
• The continued unrest in Egypt appears to have caused little follow on selling and stock market futures are pointing to a slightly higher open.
Coming up today:
• European inflation (CPI Flash) estimates are due at 10.00 with a rise to 2.4% expected.
• Canadian GDP numbers are released at 13.30 and expected to stabilise at 0.2%.
• From 13.30 there are a number of middle tier US announcements including personal spending which is expected to rise.
Bet Idea:
• The USD/CHF has been stuck in a very quiet range this morning with 0.9400 acting as support.
• The tight range implies there may be some uncoiling of the spring to come and if 0.9400 breaks there could be a sustained move in the direction of the longer term trend.
• One way to play this would be a LOWER trade predicting that the USD/CHF will close below 0.9375 in 2 days time. If successful, this could return 130%.The FTSE 100 hasn't been as consistent.
Summary:
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