Skip nav Punters Bet on US Market to Keep Rising

As a result of yesterday’s bounce-back of the US stocks due to the Dow’s phenomenal 286 point gain, financial betting experts at have recorded a substantial increase in the number of punters betting on further rises in the major US indices by the end of the week.

Between the opening and closing bell on Wall Street yesterday, the percentage of clients betting on for the market to rise jumped from 64 per cent to 83 per cent – that’s an increase of 19 per cent in one day of trading.

Ryan Kneale from said: “This represents some of the strongest confidence in the markets that the city bookmakers have ever seen, as bank stocks pared their losses and some posted their best daily gains in several years.

“It seems that the worries about the credit market have subsided somewhat and the Federal Reserve Interest Rate Statement, to be released at 19:45 BST, will be eagerly watched by traders for indications on the economy.

“The recovery in the US markets filtered through to the European markets, with European bank stocks again at the forefront of the recovery in early trading this morning.”

Soft Retail Sales data released in the UK at 12.01am today has forced the GBP to its lowest level against the euro for two months. Bad weather and five interest rate rises in the past 12 months have been blamed for keeping customers out of the shops.

On Wednesday this week, the BOE is releasing an inflation report and this could provide traders with an indication as to when the next widely expected interest rate rise will occur in the UK.

In the US, the Federal Reserve is widely expected to leave interest rates unchanged this month, with the futures pricing in a rate decrease by the end of the year.

Ryan continued: “In relation to the GBP/USD exchange rate, 77 per cent of clients are expecting the GBP rate to strengthen further in the near term and return to the heights of 2.05 - 2.06.”

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Notes to Editor:

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