Crude Oil the Commodity to Ditch this Morning-23/04/2014

Currencies

USD

The greenback is trading mixed this morning after the rally we saw on Wall Street during yesterday’s trading session. The gains we saw in U.S. equities were vital, especially as there were concerns about the weakness for Asian stocks. It seems that traders decided that it was time for them to take some risks when it came to the currency market. The dollar is near level with the euro this morning. It has dipped versus the yen, but climbed versus the pound. The markets seem to be correcting themselves, as traders await much economic news in the hours ahead.

EUR

One of the biggest movers as of late in the forex market has been the European single currency. It managed to cap some very important gains in previous trading sessions. The thing is that investors have decided that it is best for them to go short on the euro in the latest round of trading. One aspect to take into account is that the losses are small. Therefore, there may end up being a bullish comeback for the euro later on.

GBP

We saw some very important gains when it came to the British pound yesterday, but it is now trading sideways. It is off the mark versus the greenback and the yen. Traders are of the view that the gains we saw previously may have been overdone. Therefore, it is no wonder that they have decided that now is the right them for them to go short. Look for additional losses when it comes to the sterling today.

 

Stocks/Indices

We ended up seeing some very important gains when it came to the top stocks on Wall Street during yesterday’s trading session. Investors felt that it was worth it for them to take risks in the financial markets. The reality is that the U.S. has been at the forefront of publishing positive economic data. Therefore, the gains which we are seeing are not a surprise.

The Dow Jones Industrial Average made gains of 0.4 percent to 16,514.37. The Nasdaq Composite Index advanced 0.97 percent to 4,161.46. The S&P 500 jumped 0.41 percent to the 1,879.55 level.

Bank of America Corp. made gains of 1.24 percent to $16.29. Facebook Inc. surged 2.92 percent to the $63.03 level.

 

Commodities

Crude Oil

We are seeing the crude oil binary option trading lower this morning. The fact is that most energies are weaker today, as traders are not in the mood to invest in them. The reason why the crude oil binary option is trading near a 2-wek low is due to the slowing Chinese economy. Traders have decided that with the world’s second largest economy slowing, the time has come for them to put their funds into alternative assets. More losses may be on the cards this Wednesday afternoon.

Gold

The gold binary option is higher today by $4.00, as investors are of the view that it is worth it for them to go long on the yellow metal. This is after it underperformed last week. The reality is that there are many opportunities in leading metals as of now. With this in mind, it may turn out to bring you high returns by going long on gold today.

 

Wild Card

S&P 500

It was the case that a number of the top U.S. indexes previously underperformed. The thing is that the S&P 500 was able to climb yesterday amid the positive economic data. There may turn out to be additional gains, so get ready to open Call options this morning.