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Thursday, July 3, 2008

BetOnMarkets Morning Update - 04/07/08

The FTSE is currently indicating a flat open, as we approach the first Friday of the Q3. With the US off on holidays, we believe that the volume of todays session will be low and boring. Traders do have a few things on their mind, with the ECB hinting at the fact that this might be the only rate hike, UK traders are wondering just how much room will the BOE have. A lower interest rate outlook is a positive thing for equities, and we are expecting an extra boost of 100 points for the FTSE.

Oil is continuing its push to hit 150; we feel that once the peak is hit, traders will do some profit taking. This will cause a fall in the price, probably back to the 130 level. Gold managed to survive the US positive news, only giving back 10$ per ounce. We believe that the trend is strong, and we will see 950 within the next week.