Binary Options Daily Analysis: Crude Oil Dips in Cautious Trading!
The dollar is mixed this morning vs. its main peers. There is a moderate amount of options in the financial markets. This may build if Wall Street opens on a positive note. The GBP/USD pair is higher today by 0.15% at $1.5490. The AUD/USD pair is higher today by 0.36% at $1.0343. The USD/CAD is up by 0.16% at 1.0123 Canadian dollars. There is bullishness creeping into the forex market in the past few hours.
There is a lot of weakness for the European single currency this morning. The EUR/USD pair is lower today by 0.05% at $1.3344. The EUR/GBP currency cross has slumped 0.16% to 86.16 pence. There has just not been enough confidence in the euro today, as there are plenty of problems coming out of the Eurozone. For example, there has been little positive data coming out of the region. The reality is that traders may be waiting for the U.S. market to open.
The yen was one of the weakest currencies in previous trading days. It is much stronger this Tuesday versus its main currency counterparts. It is true that the BOJ has gone ahead with aggressive measures. However, this has not stopped the yen from soaring at least temporarily. The USD/JPY pair is lower today by 0.52% at 93.48 yen. The Japanese currency has also capped notable gains versus the euro. It may continue gaining later on today.
Asian stocks made very impressive gains earlier this morning. This was despite them being much weaker earlier on. Traders feel more confident as the Bank of Japan is as determined as ever to boost the nation’s economy.
The MSCI Asia Pacific Index advanced 0.2% to 133.98. Japan’s Nikkei 225 Stock Average slipped 0.3% following the release of minutes from last month that showed Japan’s economy is in a weak situation. Australia’s S&P/ASX 200 Index added 0.4%. New Zealand’s NZX 50 added 0.7%. Hong Kong’s Hang Seng Index slipped 1%. China’s Shanghai Composite Index fell 1.6%. Singapore’s Straits Times Index climbed 0.2%. Taiwan’s Taiex Index advanced 0.2%.
Bridgestone surged 10% to 2,820 yen. Sonic Healthcare Ltd. fell 8.5% to A$12.85.
There was a lot of volatility with the leading Asian stocks this morning. This is likely to lead to a lot of movement to the top stocks is Europe this Monday afternoon.
Crude oil is trading much weaker today by 49 cents at $95.93. The black gold has been trading lower since the commencement of today’s trading session.
Traders feel that now is the time to sell the commodity, as traders prefer investing in other assets.
The fact of the matter is that the crude oil binary option is somewhat overvalued. On the other hand, Saudi exports of crude reached a 7-year high in 2012. There, this is hope that the energy will make a bullish comeback sooner rather than later. There will be many factors affecting the strength of oil.
The USD has started to lose ground today, but this has not boosted crude prices. The worry over the Eurozone has not helped the situation. It may be that crude prices will dive further, as the trading day drags on.
There has been a lot of weakness for the EUR/USD pair today. However, it is important to take into account that traders are starting to become more confident in the pair. It is lower at the moment by 0.09% at $1.3340. There is a possibility of an upward correction later today. Therefore, traders will need to be prepared for this.