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Monday, July 28, 2008

BetOnMarkets Morning Update

The FTSE is currently indicating a slightly lower opening, as traders are waiting for the release of the UK Nationwide House prices. While analysts are already expecting house prices to fall another 1.1% last month, there are rumours circulating that there is a risk that the number will be much lower then expected. This would put a squeeze on home builders and financial institutions.
Gold halted its losses on Friday finishing the day near 930 dollars per ounce. Gold is rising on speculation the dollar will weaken against the euro, boosting the appeal of the precious metals as alternative investments. In fact some traders are saying that the US dollar rally is on it last legs. This should keep gold above 920 for the rest of the week. Oil is on the defence again, as OPEC increased its output, while consumers are decreasing their demand for this pricey commodity. There is potential for oil to fall below the 120 dollar level.