Binary Options Daily Analysis: Crude Oil on Focus Today!
The dollar is trading much lower this morning. There seems to be a return of risk appetite into the markets today. This has led traders to sell haven currencies such as the greenback. The GBP/USD forex pair is trading higher as of now by 0.22% at $1.5208. The dollar has also lost ground versus the euro and the loonie. Traders may continue selling the dollar during the latter hours of trading.
The European single currency is one of the most bullish currencies today. This is following the losses which it made during yesterday’s trading session. Investors are in the mood to take risks today, which helps us understand why the euro is trading much higher versus its peers. The EUR/USD pair is up 0.26% at $1.2931. The EUR/GBP cross has gained 0.03% to 85.05 pence. The euro may build on its latest advances, as traders are so bullish on the currency this Friday morning.
The yen was a lot lower earlier this morning. However, it is starting to show some resilience. The losses in the morning were largely owed to the forecast of more stimulus for the nation’s economy. However, the yen has made somewhat of a comeback versus the dollar and its other main peers due to the stock market slump in Asia. Traders took their money out of Japanese stocks and opened Call options in the yen. Much will be dependent if there is a rally on Wall Street today.
Asian stocks are headed for their biggest weekly drop since October. The losses follow the concerns of the worsening of the European debt crisis. As Cyprus has not come to terms with the bailout, traders have ditched the euro and also sold Asian stocks.
The MSCI Asia Pacific Index fell 0.6% to 134.4. Japan’s Nikkei 225 Stock Average fell 2.4%. Taiwan’s Taiex Index lost 0.1%. Hong Kong’s Hang Seng Index lost 0.5%. China’s Shanghai Composite Index advanced 0.2%. Australia’s S&P/ASX200 Index gained 0.2%.
Bridgestone fell 3.2% to 3,150 yen. Toyota Motor Corp. fell 2.2% to 4,880 yen. Sony Corp. dipped 1.2% to 1,660 yen.
The declines which we saw for Asian stocks earlier this morning were very much unexpected. Traders thought that they may rise, but this was not the case. There has been a lot of instability in the markets recently, which has led to a selloff to the top stocks and indices.
The crude oil binary option made very big losses yesterday on the concern with regards to the European debt crisis.
With no rescue plan yet been accepted by Cyprus, traders have decided to sell the commodity in the previous trading day.
However, the good news is that the crude oil binary option is trading higher today by 23 cents at $92.68.
The main reason for the advances this morning is that the commodity is backed by technical data. There is still the possibility that crude oil futures could dip later today.
However, the crude oil binary option is still one of the most bullish this Friday. A European stock market rally may be able to boost oil prices during the latter hours of trading.
The crude oil binary option has made a dramatic comeback today, as traders have become a lot more confidence in the commodity. This is after it tumbled yesterday in spite of there being much positive data from the leading economies. Traders feel that today’s gains may be extended into latest trading. Therefore, be sure to be ahead of all the events as they are published from the news wires this Friday.