This morning, markets and commodity currencies in particular are staging a mild rebound this morning after yesterday's sell off. The economic calendar has been fairly light so far this week, with markets trading based around broad global economic concerns rather than country specific news releases.
The NZD/USD is trading higher by 0.43%. Other currencies are a step behind with the other commodity related assets of the USD/CAD, AUD/USD, AUD/JPY and Gold all around 0.25% to the good.
The euro continues to outpace the British pound with the EUR/ GBP set for its third straight day of gains. There will be a lot of noise surrounding the UK budget, but markets generally are unaffected by this unless radical measures are announced. Of more importance are the public sector net borrowing figures released at 09.30.
Coming up today we have UK public public sector net borrowing figures released at 09.30. This is expected to show another cyclical increase of 5.2bn. The minutes from the last MPC meeting are also released at 09.30. The budget announcement starts at 12.30. US Fed chairman Bernanke testifies at 13.30 with existing new home sales released at 14.00.
It's been all quiet on the euro front in recent days and evidence for this can be seen in the ever decreasing daily trading range, which appears to be breaking its almost daily cycle of large days following small days and vice versa.
A breakout day could be on the cards, though the direction right now is unclear. A good way to play this on BetOnMarkets.com might be an IN/OUT trade predicting that the EUR/USD trades outside of either 1.3175 or 1.3300. This could return 130% if successful.
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