Binary Options Daily Analysis: Commodities Dive Following Last Week’s Advances!
The dollar has been very volatile since the commencement of this morning’s session. The GBP/USD currency pair is higher by 0.14% at $1.5720. The AUD/USD currency pair is up at the moment by 0.19% at $1.0429. Traders are unsure of which currencies to put their money in today, as there is so much instability in the financial markets. In fact, many traders are currently waiting on the sidelines until the start of the U.S. session.
The EUR/USD pair is lower today by 0.56% at $1.3564. The EUR/GBP cross is trading lower at the moment by 0.72% at 86.29 pence. Traders have decided to ditch risky currencies today, as there is a lack of risk appetite. The weak economic data published from Asia earlier on, excluding China, turned many traders off. The biggest loser has been the EUR. This is in contrast to the gains which it made during last week’s trading session.
The JPY has been one of the most bearish currencies in the past 2 months. The election of Shinzo Abe as PM has led to the weak yen. The USD/JPY pair is stronger today by 0.11% at 92.88 yen. Traders have taken it upon themselves to sell the yen yet again today after it was higher during early morning trading. It may be that the yen’s losses will be prolonged in the coming hours.
There was a lot of bullishness when it came to the leading stocks last week. The positive news is that this bullish trend has continued into today. Traders have decided to buy into the leading Asian stocks and indices today on positive U.S. jobs data at the end of last week and due to China services expanding more than was forecasted.
The MSCI Asia Pacific Index climbed 0.5% to 133.4. Japan’s Nikkei 225 Stock Average gained 0.6%. Hong Kong’s Hang Seng Index slipped 0.2%. Australia’s S&P/ASX 200 fell 0.3%. South Korea’s Kospi Index made losses of 0.1%.
Rio Tinto jumped 1.2% to A$67.99. Sony advanced 7.5% to 1,457 yen. Panasonic gained 17% to 692 yen.
The gains which we saw in Asian stocks overall were vital in showing the resilience of stock traders. This may help both European and U.S. stocks in the next few hours. Therefore, it may payoff to star opening your positions right now.
There were very important gains recorded by crude oil last week.
The commodity managed to rise by $8. This was largely owed to the release of much positive economic data and a bearish dollar. The crude oil binary option ended the week higher by about $2.
However, crude is weaker today by 83 cents at $96.94. Traders are of the view that it may be that oil has been overbought. Therefore, it is time to take out some profit.
Traders may be waiting for there to be the release of the U.S. factory orders later today before opening Calls in crude.
The data will have to be very positive in order to reverse the heavy declines which we are seeing at the moment. Crude oil may extend its losses later today.
The EUR/USD forex binary option made heavy declines last week. In fact, the pair has slumped in the past month, as one economy after another has published positive economic data. The USD has also slumped heavy vs. the EUR. The EUR/USD pair is much lower today by 0.57% at $1.3564. There may be further losses ahead if there is a lack of positive economic news from the U.S. later this Monday.