Dollar Going Higher after U.S. Stock Market Slump
There is a lot of strength when speaking of the U.S. dollar this morning. Investors are in the mood to take risks when it comes to the greenback this morning. This comes after there were very big losses when it came to the greenback yesterday. Traders feel that it is worth it for them to buy into the greenback, as it has been oversold in previous trading sessions.
The GBP is going down for yet another trading session. Investors have had a lack of confidence for the British pound in the past trading week. The GBP/USD currency pair is trading lower by 0.12 percent at $1.6334. The pound is also trading lower versus the euro. The weakness for the GBP comes largely due to weakness in global stocks at the moment. Look to go short on the British pound in the coming trading days.
We are seeing much weakness for the European single currency in the latest round of trading. The EUR/USD currency pair is trading lower at the moment by 0.1 percent at the $1.3606 level. Traders are in the mood to ditch the euro due to the lack of demand for risky currencies. Traders did buy into the euro in the early part of the trading week. Things have changes as of late, which is why you will need to be cautious while trading he financial markets. Gains for the euro may actually be on the way later.
We saw very big losses when it came to U.S. stocks in recent trading sessions. Investors felt that it was worth it for them to ditch stocks as U.S. economic data has not been so promising. Moreover, there were some big gains in previous trading sessions. Therefore, investors felt that it was worth it for them to takeout their profits.
The Dow Jones Industrial Average dived 0.39 percent to 16.417.01. The Nasdaq Composite Index actually gained 0.09 percent to 4,218.69.
Bank of America dipped 0.41 percent to $17.08. Intel made losses yesterday of 0.49 percent to $26.54.
The crude oil binary option is headed for its first week of gains since December. The fact is that the black gold was oversold, so traders felt that it was right from them to go long. With unemployment and manufacturing data coming out very weak, this turned out to lead traders to the conclusion that there may be another round of U.S. economic stimulus. The good news is that crude oil futures are higher by 28 cents, as traders feel that there is more bullishness for the leading commodities today.
We have not seen enough strength when it has come to the gold binary option. The yellow metal is trading lower at the moment by $1. Therefore, you will want to be very careful by trading the yellow metal this Friday. The fact is that traders refer putting their money into crude and the dollar rather yellow metals. The fact of the matter is that there is a lot of instability in the financial markets as of now.
It was fortunate to see that the Dow Jones binary option was very weak during yesterday’s trading session. Investors felt that it was simply not the time for them to buy into leading indices. This is understandable after traders took it upon themselves to put their money into alternative assets. Do not be surprised if the Dow Jones actually makes a comeback during the U.S. session this Friday.