We are seeing mixed behavior when it comes to the U.S. dollar in Friday morning’s trading session. The AUD/USD pair is lower as of now by 0.11 percent at the 91.16 cents level. The GBP/USD forex binary option has surged in the latest round of trading by 0.26 percent to the $1.6972 level. There is a lot of volatility in the forex market at the moment amid the chaos in Iraq. With a lot of production and supplies of crude in the country, this has kept traders on their feet. Increased volatility may be on the cards in the hours ahead.
The European single currency has made inroads into the greenback and a number of its other main peers this morning. Traders really are in the mood to go long on the euro at the moment. This is after it underperformed in previous trading days. German retail sales came out as forecasted at -0.1 percent. This is nothing unexpected, and traders will need to be wise while trading the European single currency if they are up for making some very high returns. The EUR/USD forex pair is set to build on its current gains this afternoon.
The yen is trading a lot lower versus its main currency counterparts in the latest round of trading. Traders have yen in the mood to sell the Japanese currency prior to the speech of Kuroda. The thing is traders are waiting on clues as to what officials from the Bank of Japan will say about the state of the economy. Traders are of the view that the JPY will continue its dive into the abyss, so look to go short on the yen is you are up for making high returns.
There was a very big fall in U.S. stocks during yesterday’s trading session. Investors are in the mood to go short amid the Iraq tension. In addition, stock prices are still seen as overvalued overall. Therefore, the losses seen were not a surprise.
Other reasons why equities dived notably was due to economic data not coming out with forecasts. Traders realized this, and took swift action.
You will want to follow the release of U.S. economic data very closely in the hours ahead if you are serious about making profit this Friday. Also, keep an eye on fresh events coming out of Iraq.
We are seeing a lot of strength when speaking of the crude oil binary option at the moment. It has surged in the past two days of trading amid the chaos in Iraq. It is expected that crude oil futures will continue going higher. Therefore, begin opening Call options in the black gold once you get a chance this Friday.
We have seen gold futures going higher this morning slightly. The thing is that they are headed for weekly losses. Traders just do not do feel that they should go long on the black gold overall due to the returns which can be made in assets such as crude oil. In addition, there is a lot of resistance with regards to gold when speaking from a technical angle.
There has been a lot of movement when speaking of the S&P 500 during the current week of trading. The Iraq chaos has played a really big role in pushing down indexes in the U.S. as of late. There may be additional downward pressure on the S&P 500 this evening. Therefore, look to go short if you are up for making maximum returns.