Binary Options Daily Analysis: Crude Oil Manages to Cap Impressive Gains!
There was bullishness for the dollar earlier today. However, the USD has since slipped after the publication of much positive economic data from the leading economies. The GBP/USD pair has risen today by 0.31% to $1.6072. The AUD/USD has climbed 0.6% to $1.0577. The USD/CAD pair is lower today by 0.18% at 98.58 Canadian cents. The dollar has been losing ground since the successful Spanish bond auction earlier on. If there is a rally in U.S. stocks for a second straight trading day, then this could put further downward pressure on the greenback.
Traders are very confident in the euro today. This is after one nation after another has released optimistic news. This was really unexpected, and has pushed the euro much higher than analysts could have imagined. This should be taken into account while trading the EUR/USD pair today. The EUR/USD currency pair is up today by 0.9% at $1.3183. The EUR/GBP cross has made gains of 0.55% to 81.98 pence. The euro is likely to continue rising as the hours pass by. Therefore, make sure to open your trades wisely today.
The JPY was stronger in the previous few trading days. However, it has lost a lot of value since then. The yen is indeed lower today versus a number of its peers. This may be due to the lack of demand for haven currencies today, as there is a lot of risk appetite in the markets. The USD/JPY pair has slumped this Thursday afternoon by a whopping 0.44% to 88.27 yen.
There was a lot of bullishness for Asian stocks earlier this morning on positive Chinese exports data. In addition, Japanese carmakers climbed on a weaker yen. This follows the rally we saw for U.S. stocks we saw on Wall Street yesterday.
The MSCI Asia pacific index advanced 0.07% to 132.06. The Nikkei 225 Stock Average advanced 0.7%, capping a second day of gains. South Korea’s Kospi Index advanced 0.8%. Australia’s S&P/ASX 200 Index added 0.3%. Hong Kong’s Hang Seng Index made gains of 0.6%. China’s Shanghai Composite Index rose 0.4%.
China Costco climbed 7.3% to HK$4.73. Honda Motor Co. advanced 2.5% to 3,330 yen. Mazda surged 10% to 195 yen.
It will be interesting to see what effect the gains will have on U.S. stocks.
Oil prices are higher by 96 cents at $94.06. It was a lot higher a few hours ago. However, crude is still upholding its gains, as there is a certain degree of optimism in the markets.
Crude prices have been under a bit of downward pressure recently.
Therefore, the bullishness we are seeing is quite a relief for financial traders.
One of the most important factors which have driven crude oil prices higher today has been the positive China trade data.
Investors have been buying into crude ever since the start of today’s trading session. This is largely due to positive economic data from the leading economies.
Also, with crude being a touch oversold during the current trading week, traders feel that it is only natural to open Call options in the crude oil binary option.
Crude oil futures have been higher throughout today’s trading session. The gains we are seeing at the moment were forecasted by traders. There will be a number of factors that will be key in driving oil prices later. In addition, the direction that U.S. stocks go maybe highly correlated with the strength of crude oil. As a result, stay ahead of economic event very closely today.