Binary Options Daily Analysis: Forex Market Filled with Much Speculation
There is a lot of speculation on the forex market today after the speech by Federal Reserve Chairman Ben Bernanke during the U.S. session. The dollar seems to be the weakest currency this Thursday morning due to there being so much optimism in the forex market today. It has dived versus the loonie and the euro. Traders feel like taking some big risks this Thursday. The result has been the dollar diving into the abyss. Traders feel that the greenback could make additional losses in late night trading, so be very prepared for this scenario.
Traders have a lot of confidence in the euro today. The bullishness for the European single currency has been apparent since mid-trading on Wednesday. With there being so much risk appetite in the financial markets, it is only natural that the EUR is higher today. It wouldn’t be a surprise if the euro continued to build on its gains.
There has been a lot of weakness for the yen in recent trading sessions. Traders are not in favor of buying into the Japanese currency, as it seems not to be offering traders high enough returns these days. Therefore, this will need to be taken into account while you trade Far Eastern currencies. The strength of the Japanese currency will be very much dependent on the release of global economic data later.
It is very good news that U.S. stocks gained on Thursday. Traders just have so much risk appetite these days when it comes to the top stocks on Wall Street.
That is why you need to trade the markets with confidence, because the more confidence you have, the better it may be for you.
There will be a lot of economic data published from the Eurozone and the U.S. in the coming hours. You may want to open positions on the release of this economic data.
There has been a lot of support when speaking of crude oil lately. It gained by 2.9% yesterday and was up a lot in early trading today. However, the commodity is now trading lower for the day by 50 cents, as there is a feeling among traders that the commodity’s gains may be overdone.
What needs to be looked into is why crude was able to get to the level it is at. Traders were attracted to the commodity due to the growing unrest in Syria and Egypt. It looks like the situation on Egypt may turn into a civil war. Therefore, this may turn out to boost the commodity either later on or during Friday’s trading session.