Dollar Much Weaker Following Wall Street Slump
The dollar is trading lower versus the majority of its peers this morning. Traders just do not have the confidence in the greenback after there was yet another slump on Wall Street yesterday. The GBP/USD forex pair is trading higher this morning by 0.05 percent at $1.6393. The dollar has fallen 0.41 percent versus the yen. Traders should look to sell the greenback today in order to make high returns from the forex market.
There is a lot of confidence in the European single currency this morning. Forex traders are of the view that they shall take big risks in the currency market. This has really lent the euro a helping hand this morning. The most impressive gains have been made versus the greenback and the pound. Look to go long on the EUR/USD pair to make high returns from the forex market as end of week trading nears.
The CAD fell to its lowest level in three years versus the USD on the risk of low inflation. This has led to the forecast that the nation’s central bank will keep interest rates on hold. We may be seeing the loonie slide versus the greenback, but this may be exaggerated. This is why it may be a good idea to open weekly Put options in the USD/CAD.
Stocks in the U.S. were hit for yet another trading session. Traders just did not feel like taking big risks when it came to the commodity. This has been the reality as of late. The weakness comes after a week when we saw endless rallies in American stocks. This shows just how quickly the temperament of traders can change when it comes to investing in the financial markets.
The Dow Jones Industrial Average dived 0.16 percent to 15,889.77. The Nasdaq Composite Index rose 0.02 percent to 4,038.00.
Facebook was able to gain 4.04 percent to $48.62. Intel jumped 0.81 percent to $23.74.
The crude oil binary option is trading higher by 7 cents this morning. The commodity is trading near its highest level in five weeks on declining stockpiles. It is important to note that the crude oil binary option was able to climb by 1.2 percent during yesterday’s trading session. The commodity has been climbing for several days now, as there has been a return of bullish sentiment. Investors seem to be interested to take big risks. U.S. crude oil stockpiles declined by 5.59 million barrels during last week’s session. More gains are likely this afternoon.
Gold futures are lower this morning by $10.80, as investors feel that there will be more losses in the future for the black gold. This has been the view of traders since the beginning of this morning’s trading session. This is after the metal surged the most in six weeks on Wednesday. This is evidence of just how quick the situation can change in the commodities market. The fact of the matter is that gold futures are overbought, which has encouraged investors to sell on all fronts during Thursday morning trading.
One of the biggest movers at the moment in the commodities market is crude oil. Traders have decided to go long on crude oil since the end of last week. The reality is that there are diverse factors driving crude oil today, so you will need to be cautious while trading. It may be that crude oil can build on its gains. However, you will want to buy into crude oil at the right time.