Crude Oil Dips Below the $102 Mark
The greenback is mixed this morning after the rally which we saw on Wall Street yesterday. The reality is that the forex market is simply showing a lack of direction, which explains much of the movement which we are seeing right now. The GBP/USD pair is higher by 0.19 percent at the $1.6720 level. The good news for the greenback is that it has managed to make inroads into the loonie. Follow the situation very closely this afternoon.
We have seen the euro make some very big losses in previous trading days. Investors have simply felt that it is not worth it for them to take risks when it comes to the European single currency. It is down a touch versus the dollar this morning. Traders are hoping it can make a bullish comeback in the latter hours of trading today.
The pound sterling is in very high demand at the moment. It has made some steady gains in previous trading sessions. This is because traders believe that there are simply high returns which can be made from the British currency each trading session. As a result, it may be worth it for you to go long on the GBP/USD forex binary option once you get a free chance today. This will help ensure you make profit as the trading week comes to a close.
There were some very important gains when it came to American stocks during yesterday’s trading session. Investors decided that it was time for them to go long after equities traded sideways in previous trading sessions. This allowed the S&P 500 to reach in breathing distance of its record.
The strength came as Fed head Yellen stated that the strategy to reduce stimulus may change if the American economy continues to weaken.
The Dow Jones Industrial Average surged 0.46 percent to 16,272.65. The Nasdaq Composite Index climbed 0.63 percent to 3,699.80.
Facebook Inc. dipped 0.46 percent to $68.94. Microsoft Corp. made gains of 1.04 percent to $37.86.
The crude oil binary option is trading lower this morning by 41 cents at the $102.00 level. The commodity is trading lower for a second straight trading day. This comes on the forecast that U.S. demand is set to slow. It is important to take into account that the price of the black gold is still high, so traders should not be worried about the latest losses. In fact, the latest market behavior in the past two days may indicate a correction, so look to go short on crude oil.
Gold is trading lower this morning, as there is simply a lack of demand for commodities in the latest round of trading. The good news is that the yellow metal is still headed for its second straight month of gains. This is due to there being a lot of demand for haven assets these days. With the U.S. recovery losing momentum, it is no wonder that the commodity is headed for its first monthly back to back gain since August.
A very volatile commodity these days is crude oil. Investors prefer to invest in the black gold due to the high returns which they are able to make each trading day. The fact is that traders have taken it upon themselves to ditch the yellow metal in the latest round of trading. Further losses are likely this afternoon, so ditch crude now.