Binary Options Daily Analysis: Crude Oil Rebounds this Tuesday Morning!
The EUR/USD is higher by 0.05% at $1.3032. The GBP/USD is up 0.29% at $1.5156. The dollar has also lost ground versus a number of its other peers today. Traders feel like selling the greenback, as there are so many other trading opportunities. The fact is that the dollar is overvalued to some extent. Therefore, the losses we are seeing right now are understandable. It may be the case that the greenback continues sliding.
The euro is rather mixed this Tuesday, as traders have revaluated their trading portfolios. There are many different assets to put your money in, so this has led to some unusual behavior in the forex market. It is true that there is more optimism today. However, this has not necessarily helped the euro. It is true that the EUR has surged versus the USD. However, the euro has slumped versus the pound and yen in recent hours.
There is a lot of demand for the Japanese yen today. The main reason for this is the possibility that the Bank of Japan may back down from going ahead with aggressive stimulus measures. Investors are of the view that the yen has been oversold as of late. This makes it easier to understand why the currency is so strong at the moment. The biggest gains have been made versus the dollar. The USD/JPY is lower by 0.34% at 93.14 yen.
There was an Asian stock market rally earlier this morning. This was following 2 days of declines for the top stocks. This is on the forecast that there will be continued stimulus by the leading central banks in the months ahead.
The MSCI Asia Pacific Index advanced 0.6% to 134.63. China’s Shanghai Composite Index gained 2.3%. Hong Kong Hang Seng Index jumped 0.1%. Japan’s Nikkei 225 Stock Average added 0.3%. South Korea’s Kospi Index gained 0.2%. Taiwan’s Taiex Index gained 0.8%. Australia’s S&P/ASX 200 Index advanced 1.3%.
James Hardie increased 3.9% to A$9.95. There were also important gains for the other leading Asia shares earlier this morning.
The good news is that the rally in Asian equities has led to gains in European stocks. This is even though there are plenty of woes coming out the region. It should also be noted that the positive economic data has helped European stocks too.
Crude oil has been one of the strongest commodities today. It is trading higher at the moment by 20 cents at $90.31.
Traders have gone bullish on the commodity after it made big losses in the past 2 weeks of trading.
There are a number of factors that have contributed to the bullish prices today. The most notable of these has been the weaker dollar.
The bearish dollar also pushed up commodities in the latest round of trading. In addition, the crude oil binary option is considered cheap.
Therefore, investors have been given the confidence to open Calls in crude.
There has also been a global stock market rally, which has been vital. in pushing up oil prices today.
Additionally, the positive economic data from the Eurozone has given traders the required confidence to go bullish on crude today.
The advances that we have seen for crude today are remarkable. It was not expected that the commodity would gain, as it has slumped so much in the previous trading days. There will need to be more positive data and a U.S. stock market rally later this Tuesday to help crude make some additional gains, so pay close attention.