Binary Options Daily Analysis: Dollar Hit Following Asian Stock Rally

USD

The dollar has been one of the hardest hit commodities this morning following the rally which we saw for Asian stocks. The rally came following much mixed economic data from some of the leading economies in the Far East. The GBP/USD forex binary option is trading lower today by 0.45% at $1.4885. The AUD/USD pair is higher at the moment by 0.33% at 91.63 cents. The dollar has also lost much strength versus most of tis other peers this Tuesday, as here is a lot of appetite among fore traders. Therefore, the dollar may slide further later.

EUR

The European single currency has made some impressive gains in the latest trading, as investors feel that there is a lot of strength in it. This has been the case for the past few hours of trading, especially as there is so much bullishness in the forex market. The euro is set to make further inroads into the greenback this afternoon.

JPY

The Japanese currency has made some big losses versus the euro and the dollar in the past hour or so. The risk appetite in the markets has put the demand lower for the haven yen. The JPY has also been hit hard following the rally which we saw for Japanese stocks not so long ago. It may be that the yen will continue its slide as the trading day passes by.

For those of you who trade stocks will have noticed that there has been a lot of optimism in recent trading days. The renewed optimism is owed to mostly positive data and policymakers starting to take the necessary steps to boost liquidity in the financial markets. In addition, the gains in the U.S. were owed to the publication of positive earnings reports from some of the leading companies.

The behavior of U.S. stocks today will be very dependent on the data published from the Eurozone.

Crude Oil

There has been a lot of support for the crude oil binary option in recent trading days. However, the commodity is trading lower at the moment, as investors feel that its gains recently may have been overdone. It is known nearly 22 cents today, even though it was a touch higher in early morning trading. This shows why you need to place your trade carefully.

This will be key while you trade the leading energies each trading day. If there is another rally in U.S. stocks later on, then this could be key in affecting which direction the crude oil binary option. It may be that the black gold will be able to make a bullish comeback.

EUR/USD

It is good to see that the euro has been able to gain ground versus the U.S. dollar today. The demand for the euro is very high. On the other hand, the demand for the dollar is low due to traders not favoring haven currencies, so expected the EUR/USD to rise even further.

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Jonathan Millet


Chief Market Analysts at simtx.com. Analyzing global political and financial dynamics are his specialties. With over 10 years trading experience, Jonathan brings his market expertise to global traders.
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