Dollar Slides from 5-Year High versus Yen
The USD/JPY pair is trading lower this morning by 0.04 percent at the 104.06 yen level. This is after the pair recently touched its highest rate in five years on Friday. Traders are of the view that it is time to sell, as there are fears that the gains for the pair are overdone. Moreover, the cut of stimulus for the U.S. economy has already been priced into the forex market.
There is a lot of bullishness for the British pound this morning. The GBP/USD pair is higher this morning by 0.14 percent to $1.6353. The pound has also made inroads into the euro this morning. The strength for the British currency comes after there was a lot of weakness for much of last week for the pound sterling. Traders are hoping for more gains for the GBP this afternoon. Look to open Call options in the GBP/USD currency pair today.
We are seeing a lot of strength when it comes to the Japanese yen this morning. It has gained after making some very big losses last week. Investors are of the view that much of the weakness last week was overdone. Traders are set to buy into the JPY this morning due to the potential for more gains. It has made inroads into the greenback and the euro this morning. More strength for the yen may be on the cards this afternoon.
There were impressive gains when it came to U.S. stocks during Friday’s trading session. This was after there was much weakness on Thursday. Traders felt that equities were oversold, which gave them the confidence to go long on Friday. Banking stocks were among the biggest gainers after there was better-than-forecast GDP from the U.S. economy.
The Dow Jones Industrial Average climbed 0.26 percent to the 16,221.14 level. The Nasdaq Composite index jumped 1.15 percent to 4,104.74.
Facebook climbed 0.13 percent to $55.12. Microsoft made gains of 1.52 percent to $36.80. Ford advanced 0.78 percent to $15.42.
There were impressive gains for the crude oil binary option during last week and Friday’s trading session. It is actually lower this morning by about 20 cents, as traders are trying to work out which commodities to put their money in. Despite today’s losses, crude is trading near its highest rate in two months. This comes as the IMF (International Monetary Fund) has raised U.S. growth outlook. Traders foresee a lot of movement for the commodity in the hours ahead, so get ready for this possibility this morning.
Gold has been sliding since the commencement of today’s trading session, and is trading a touch lower this morning. Traders have decided to put their money into alternative assets this Monday morning. The reality is that there is a lack of confidence for commodities this morning. Many traders are waiting on the sidelines until there are clearer signs from the financial markets before opening positions in gold. However, there are forecasts that there could be additional losses for the gold binary option as the trading day passes by.
It was great to see that there was so much confidence when it came to the Dow Jones during Friday’s trading session. Investors were in favor of going long on Friday, because this index was very much undervalued. Also, the fact is that the American economy is rapidly improving. Therefore, investors will want to follow all of the global economic data today. Get ready to open Call options in the Dow Jones once U.S. trading begins.