Dow Jones Closes Above the 16,000 Mark
The U.S. dollar is mostly higher this Friday morning. This is following the rally which we saw on Wall Street on Thursday afternoon. Traders are of the view that it is the right time to put their money into the greenback. The fact is that there is a lack of confidence in the forex market this morning. Investors seem to be favoring haven currencies this morning, so start selling the GBP/USD currency pair.
The yen is trading at its lowest level in four months versus the dollar. Traders have taken it upon themselves to ditch the Japanese currency. They just do not feel that it is worth it for them to take risks when it comes to the JPY at the moment. This is after Bank of Japan Governor Kuroda stated that he will do what he can to boost the nation’s economy.
There has been a slump in the Canadian dollar in the most recent trading. The USD/CAD pair is trading higher this morning by 0.17 percent at the 1.0537 Canadian cents level. The CAD has also lost a lot of ground versus its other main currency counterparts. This comes after representatives of the Bank of Canada stated that interest rates will be kept low until the economy grows at a faster pace.
There was an important rally on Wall Street yesterday. The Dow Jones Industrial Average was able to close above the 16,000 mark for the first time yesterday. This was largely due to an improvement n the jobs market and positive earnings data.
The Dow Jones Industrial Average climbed 0.69 percent to 16,009.99. The S&P 500 made gains of 0.81 percent to 1,795.85.
Bank of America was able to gain 2.97 percent to the $15.59 level. Facebook climbed 0.58 percent to $46.70.
Statistics show that investors are pouring more money into the stock markets due to the data from the U.S. continuing to impress investors.
Investors are hopeful that yesterday’s gains will be extended this afternoon.
The crude oil binary option is trading lower this Friday morning by 21 cents at $95.23. This is after it touched its highest level in three weeks yesterday. With an economic recovery being apparent in the world’s largest oil consumer, this has given oil prices a boost in previous trading days. The black gold is headed for its first week of gains in two months. There has still been no agreement with regards to Iran’s nuclear program, which may end up pushing oil prices higher this afternoon.
Gold is trading higher this morning by about $1, but it experienced some heavy declines during the current trading week. Gold futures are still trading near their lowest level in four months. There just has not been enough strength for the yellow metal during the current week of trading. A reason for this may be that the dollar has upheld its strength to a certain extent. Gains for the commodity may be on the cards later, so look to open Call options this morning.
It was great to see that the Dow Jones was able to make some very important gains during yesterday’s trading session. Investors felt that it was worth it for them to take risks when it came to investing in the financial markets. You will want to go long on the Dow Jones once the U.S. session gets going. This is because investors feel that it is worth it for them to take some big risks during end of week trading.