Gold Eyes the $100 Mark Before Crude Stockpile Data
There is mixed movement for the U.S. dollar this morning. On the one hand, it has gained ground versus the loonie and the pound. On the other hand, it is trading much weaker versus the yen and the Aussie. This shows just how volatile both the dollar and the currency market is this morning. The USD/CHF pair is higher as of now by 0.11 percent at the 88.18 centimes level. The dollar may end up going higher in the hours ahead.
The European single currency is one of the weakest currencies this morning. It has tumbled versus its main currency counterparts following the release of the German Ifo business climate data. This is the opposite to the positive economic data which we saw come out of Poland not so long ago. The EUR/USD forex binary option is trading lower this morning by 0.1 percent at the $1.3826 level. The euro has also lost a lot of ground versus the yen. It seems that more losses may lie ahead.
The pound is not trading as many have wished. It has slumped versus the dollar and a number of its other main peers. Traders just do not feel that now is the time for them to go long on the British currency. This is despite the steady improvement of the British economy. It is important to take into account that the weakness for the GBP has been overdone. Therefore, we could see a bullish comeback in the hours ahead.
It was unfortunate to see there being slump in U.S. stocks during yesterday’s trading session. This was not the best way to start the trading week. Investors just do not have much confidence in global equities at the moment, helping us understand the weakness we saw in American stocks during yesterday’s trading session.
The Dow Jones Industrial Average made losses of 0.16 percent to the 16,276.79 level. The S&P 500 tumbled 0.49 percent to 1,857.44.
Bank of America Corp. slipped 1.08 percent to $17.37. Facebook Inc. made losses of 4.67 percent to $64.10.
The fact of the matter is that the weakness we saw during yesterday’s trading session was overrode. Therefore, you should look for there being important gains today. With this in mind, start studying the markets once you get a chance.
One of the most bullish commodities this morning is the crude oil binary option. It is eying the $100 mark ahead of inventory data from the U.S. economy. Actually, in the past few trading days we have seen the black gold make a bullish comeback. The crude oil binary option is higher as of now by 28 cents at the $99.89 level. It has been going higher and higher since the commencement today’s trading session, so look to go long.
The gold binary option is trading higher this morning. This is after it crashed yesterday and slumped in the previous week of trading. The gains we are seeing this Tuesday are nothing to go by, but do show that there is hope for the gold binary option. It could build on its current gains as the trading day passes by, so go long.
There has been a lot of strength for the crude oil binary option since the beginning of today’s trading session. Traders are of the view that they should open Call options in the commodity because it is offering h very high returns. Further gains for the black gold are likely this Tuesday afternoon.