Crude Oil Surges on Release of Supply Data
The U.S. dollar is very bullish this morning, and is trading near its highest level in eight months against the yen. This comes on the forecast that the Fed will boost interest rates sooner rather than later. Traders are of the view that the dollar is set to make further gains versus the Japanese currency in the days ahead. One of the main reasons why there is so much strength for the U.S. currency at the moment is due to the forecast that factory orders in America advanced 11 percent in July from the previous month. The GBP/USD currency pair is trading lower right now by 0.08 percent at the $1.6457 level.
The good news is that the Australian dollar has been able to make inroads into its peers in the latest round of trading. The AUD/USD currency pair is trading high this morning by 0.3 percent at 92.78 U.S. cents. There are a number of factors which are lending the Aussie a helping hand at the moment. This includes the figures that the GDP climbed 0.5 percent in the second quarter from the previous three months. This came out better than the initial 0.4 percent forecast.
One of the most unreliable currencies to invest in at the moment is the euro. It is currently trading lower versus the greenback and a number of its other main currency counterparts. Traders just do not feel that it is worth it for them at the moment to put their money into the EUR due to the very big risks in it for them. In addition, it is likely that the ECB will go ahead with some very aggressive stimulus measures. As a result, you should look into selling the euro and buying into alternative currencies to make maximum returns.
We saw mixed behavior when speaking of U.S. stocks during yesterday’s trading session. This comes in spite of their being very positive data published from the American economy in recent months. It may be that the projected interest rate rise is thought to put downward pressure on equities and the economic growth in the future. In fact, if rates are raised, then this is likely to help the economy rather than hurt it.
The Dow Jones Industrial Average tumbled 018 percent at the 17,067.56 level. The S&P 500 Index made losses of 0.5 percent to 2,002.28. Traders are hoping that there will be advances for U.S. stocks and indices later on, so look to go long.
It is great to see that the crude oil binary option is higher this morning by 42 cents. This is despite there not being enough bullishness for American stocks yesterday. It seems that even the stronger dollar has not hurt crude prices this morning. Traders are of the view that the black gold is undervalued, so the strength which we are seeing right now is no surprise. Therefore, you may want to open daily Call option in the commodity to make maximum returns.
The gold binary option is trading higher this morning by $3.60, as traders are of the view that it is worth it for them to go long on the yellow metal this morning. This comes on higher physical demand across Asia. Look to open daily Call options in the yellow metal in order to make nice profits today.
The AUD/USD forex binary option is set to build on its current gains, so going long is where the action is at in the hours ahead.