Morning Report: Markets start week on back foot

 This was copied from http://betonmarketsdailyreport.wordpress.com/2011/11/21/morning-report-markets-start-week-on-back-foot/
Morning Report: 08.15 London

• This morning we’re seeing markets start with a familiar cautious tone. The weekend news flow didn’t throw up any big negatives, but hasn’t been any big positives either.
• The Yen and US dollar are the currencies in demand so far this morning with the biggest mover being the AUD/ JPY which is down 0.55%. The GBP/ JPY isn’t far behind at -0.43% this morning.

• The euro is weakening as the morning progresses with the EUR/ USD down 0.31%.

• The yen is edging the dollar once again with the USD/ JPY down 0.10%.
• Stock markets are leading sentiment lower with the S&P 500 futures off by 0.68%.

Coming up today: 

• We’re fairly light on the economic news front this morning with the only top tier announcement being Canadian existing home sales due at 15.00.
• Before this we have European current account at 09.00 and Canadian wholesale sales at 13.30.

Bet Idea: 

• The EUR/ JPY is sitting right on support at 103.50. If this breaks, the next stopping point may not be until just about 102. Any moves could be short and sharp (if they do come) because there is always the potential for the Bank Of Japan to step in or European officials to release their latest grand plan to end all grand plans.

• The best way to play this may therefore be a ONE TOUCH trade predicting that the EUR/ JPY touches 102 in the next 1 day (by the close tomorrow) could return 142%.
• You can find direct links to this trade idea here and here.

Summary: