Binary Options Daily Analysis: Asian Stocks Show their Resilience!
The greenback has been very weak since early morning trading. Investors have just not been in the mood to purchase the dollar, as there are many other important trading opportunities at the moment. The AUD/USD pair is higher right now by 0.4% at $1.0558. The USD/CAD pair has gained 0.12% to 99.42 Canadian cents. Traders are of the view that the dollar may weaken further today. This is why investors have opened positions against the USD in the past few hours of trading.
The good news for the European single currency is that it has been so bullish today. However, it has started to show signs of weakness. It is stronger versus the dollar, but weaker against the pound. It is vital that traders take into account that the GBP did slump vs. the EUR in the past few trading days. Therefore, the bullishness we have seen recently for the EUR may be wearing off. Only data from the leading economies in the next few hours will give us more clues.
The USD/JPY forex binary option is weaker today by 88 cents at $88.73. Traders have sold off the dollar and bought into the yen. The fact is that the yen has been oversold in recent trading weeks. There was a rally in Japanese stocks in early Asian trading, but this soon dissipated. This led traders to buy into the yen. More bullishness may be on the cards for the JPY later on today.
There was an Asian stock market rally earlier after the Bank of Japan officials met to discuss new asset purchases that will commence in January. This allowed leading a Asian equities to rebound from lows which they made at the start of the trading session.
The MSCI Asia Pacific Index advanced 0.4% to 480.45. Japan’s Nikkei 225 Stock Average slumped 0.4%. South Korea’s Kospi Index climbed 0.5%. Australia’s S&P/ASX 200 Index was almost unchanged at the end of trading. China’s Shanghai Composite Index slipped 0.6%. Hong Kong’s Hang Seng Index advanced 0.3%. Singapore’s Straits Times Index slumped 0.1%.
Canon Inc. fell 1.7% to 3,275 yen. Honda tumbled 2.3% to 3,340 yen. Nintendo lost 1.5% to 9,070 yen.
Traders are now waiting for the U.S. market to open later, as it was closed on Monday.
There was a lot of bearishness for the crude oil binary option earlier on. However, the commodity has gradually gained ground, as there is a lot of confidence in the commodities market. Crude prices are higher for the day by 8 cents at $96.12. Traders feel that it is the right time to buy into crude, as the dollar is much weaker.
Traders need to remember that crude prices often soar when the greenback dives. In addition, there are many other ways for the bullish oil prices. It is true that U.S. supplies have increased. However, this has been onset by the fall in production of leading OPEC countries.
The commodity has been performing very well in recent trading days, as traders have become much more confident with regards to the health of the global economy.
The EUR/USD forex binary option is stronger today by 0.06% at $1.3321. The dollar has been flat today, as traders are waiting for the opening of the U.S. market. They just feel that now is not the time to buy the dollar, as there are so many factors working against the U.S. currency. We will need to wait and see what the publication of economic figures from the U.S. will show.