Binary Options Daily Analysis: Nikkei Surges Almost 300 Points in Friday Morning Trading!
The greenback is steady on the solid European and U.S. data. The GBP/USD forex binary option is higher by 0.19% at $1.5758. The AUD/USD currency pair is level at $1.0451. The USD/CAD pair climbed 0.08% at $1.0036 Canadian dollars. The dollar has been one of the strongest currencies lately due to much positive global economic data. In addition, the Federal Reserve has refrained from going ahead with further economic stimulus.
The European single currency has surged this morning on the release of much economic data showing an improvement in the Eurozone economy. The EUR/USD pair is higher today by 60 pips at $1.3436. The EUR/GBP has gained 0.51% to 85.18 pence. The euro has been very strong today, as traders feel that the worst of the debt crisis is over. This may lead to the EUR to make further gains today.
The Japanese yen is one of the strongest currencies today after there has been a lot of positive data from the top economies. This was unexpected and has driven demand lower for the haven yen. With the consumer prices in Japan not rising as much as hoped, it seems the BOJ will have no choice but to introduce aggressive stimulus measures to kick start the Japanese economy and also weaken the yen.
The Japanese Nikkei 225 Stock Average advanced by nearly 300 points in Friday morning trading on the fall in consumer prices. This increases the case for more monetary stimulus, which would help the nation’s economy. The majority of other Asian stocks and indices also climbed following the U.S. stock market rally yesterday.
The MSCI Asia Pacific Index added less than 0.1% to 131.49. Japan’s Topix Index jumped 1.8%. Australia’s S&P/ASX 200 Index gained 0.4%. Hong Kong’s Hang Seng Index slumped 0.5%. China’s Shanghai Composite Index fell 0.3%. South Korea’s Kospi Index slid 1.4%.
Sony Corp. advanced 7.3%. Samsung Electronics Co. fell 2.9%.
With the majority of Asian shares gaining, traders hope that this will be enough to allow U.S. stocks to soar when the U.S. market opens. This is as there has been several consecutive days of rallies on Wall Street this week.
Traders should be cautious when trading today, as there is likely to be a lot of market volatility.
There were impressive gains made for crude oil yesterday after the better-than-forecast jobless claims data. Crude prices were helped by the stock market rally, which was initiated by better-than-expected earnings for the leading U.S. companies.
However, the crude oil binary option was lower a few hours ago. The good news is that it is up as of now by 24 cents at $96.19.
Traders have decided to buy into the commodity after the Asian stock market rally.
The likelihood of Japan going ahead with further economic stimulus has given traders the confidence to purchase crude oil today.
Also, the fall in U.S. supplies has driven oil higher in the latest round of trading.
It is hopes that there will be more positive economic data later today. Such news could help crude extend its weekly advances.
The USD/JPY forex binary option is trading higher at the moment by 0.39% at 90.68 yen. Traders have decided to sell the yen and buy into the dollar after the Asian stock market rally earlier in the morning. The reason for the pair’s bullishness is due to the forecast that the Bank of Japan will introduce further measures with regards to stimulus. To do so would weaken the yen even more.