The pound sterling was one of the biggest movers during last week’s trading session. We saw the cable climb the most in a year versus the euro. This came after the Bank of England Governor Mark Carney stated that interest rates may actually rise faster than traders had expected. The GBP surged again 30 out of its 31 most traded currency counterparts during the previous trading week. This came as unemployment declined more than economists had expected. In addition, the British industrial production figures also turned out to be very impressive. The EUR/GBP cross slumped 1.8 percent last week. Investors feel that the cable may build on its gains in the week ahead.
The euro slumped versus a number of its major currency counterparts last week. Amongst the biggest losses were recorded versus the greenback, cable and the yen. Traders felt that it is better for them to go short on the European single currency at the moment, as it is simply not providing them the returns which they deserve. Traders just turned out that the euro is not worth putting their money into, which is they have sold it. This has stemmed from the ongoing debt crisis that has paralyzed the region for the past several years.
The yen was a big winner when it came to the currency market during last week’s trading session. Investors just feel that the time for them to go long on the yen after it as previously oversold. Among the most impressive advances were capped versus the euro. The Bank of Japan is forecasted to increase the nation’s monetary base in line with forecasts. So it seems that the JPY is still advancing, even though the BOJ is doing anything to weaken the yen.
There were gains overall for Asian stocks during last week’s trading session. The thing is that that the gains were cut a lot on Friday. Traders really felt that it was time to ditch the top stocks in Asia at the end of the trading week, as they were seen as overbought. In addition, the chaos in Iraq has led them to go short too.
The good news is that U.S. stocks needed the week on a high. This was after there was the release of much positive economic data from the U.S. economy. Expect American stocks to go higher in the upcoming trading week.
The crude oil binary option recorded its biggest weekly gains in the year. This came about on the unrest in Iraq. There is concern of civil war in Iraq, which led traders to go long on the black gold. The commodity surged over 4 percent last week. Traders are of the view that there will be additional gains ahead, so get ready for this high possibility.
We swathe commodity end up making some important gains during last week’s trading session. The Iraq turmoil ended up driving up demand for the haven commodity. You will need to make sure to follow all of the updates coming out of the Middle East while trading the yellow metal during Monday’s trading session. Look for the metal to go even higher in the next few trading days.
There has been a lot of strength for the crude oil binary option in the past week or so. With Baghdad about to fall to Al Qaeda, there is reason to be is that crude oil will be the commodity to go long on once Monday’s trading gets going.