Global Stocks Go Higher for a Third Month
The U.S. dollar is trading lower this morning following the gains which it made in November. There is a lack of demand for the greenback this morning amid the positive data which we are seeing from Asia. With there being a lot of risk appetite in the forex market today, this has led traders to ditch the USD. The GBP/USD is higher today by 0.28 percent at $1.6418.
One of the most bullish currencies this morning is the British pound. Traders are of the view that it is worth it to take risks when it comes to the British currency this morning. This is after it made gains in the latter part of the previous trading week. The most impressive gains have been vs. the euro and the dollar. More positive data could boost he pound further. Therefore, start opening Put options in the GBP/USD pair.
There is a lot of demand for the Australian dollar this morning. This is after the Australian economy release a lot of positive economic data in the past few trading days. The AUD/USD pair is trading higher this morning by 0.62 percent to 91.66 U.S. cents. The Aussie has also made inroads into the New Zealand dollar. Traders foresee the Aussie to extend is gains this afternoon.
Global stocks went higher for the third straight month. This came as the leading economies posted a lot of positive economic data. We are seeing an improvement in the Eurozone, U.S. and Asian economies.
It may be that the U.S. will scale back economic stimulus, which shows just how strong the American economy really is.
The Dow Jones Industrial Average climbed on Friday by 10.92 points, or 0.07 percent, to 16,086.41. The Nasdaq Composite Index made gains of 15.14 points, or 0.37 percent, to 4,059.89.
Alcoa dipped 0.31 percent to $9.61. Ebay advanced 2.47 percent to $50.52. Citigroup slipped 0.25 percent to the $52.92 level.
Crude oil futures are trading higher this Monday morning by 0.52 percent to $93.21. This comes following China’s manufacturing topping estimates. This is good news in showing that the world’s second largest oil consumer is in healthy condition. The gains for the black gold also comes after the production of crude fell to its lowest level in two years. The reality is that there have been big losses for crude oil in recent trading session. Therefore, what we are seeing this morning is only natural.
There were impressive gains when it came to the gold binary option at the end of last week’s trading session. However, gold futures are lower this Monday by $4 at $1,246.30. Traders are in the mood to ditch gold, as they fell that the commodity is a touch too high. In fact, gold is trading lower for the first time in three days. This has led it to extend its worst monthly performance since the month of June. With the U.S. set to cut monetary stimulus, this has naturally decreased gold prices.
It is good to see that traders have so much confidence in the crude oil binary option this morning. Prices of the commodity are still high. This is despite the U.S. increasing production in the past few months. Moreover, China and the U.S. are growing at a steady rate. It seems that the positive economic data from Australia and China this morning has really given crude prices a much needed boost. Expect more bullishness for the commodity in the next few hours of trading.