Pound Dives on Weak Economic Data
There is a lot of strength for the dollar this morning. The bullishness comes ahead of the U.S. non-farm payrolls data that is set to be published from the U.S. economy in the hours ahead. The EUR/USD forex pair is lower at the moment by 0.07 percent at the $1.3599 level. The GBP/USD has dipped 0.43 percent to $1.6410. The dollar has also made inroads into a number of its other main peers this morning.
The pound sterling is one of the weakest currencies this morning. Traders feel that it is worth it for them to sell the British currency, as it is simply not offering them high enough returns at the moment. Therefore, you may want to look into selling it today. Among the biggest losses for the GBP have been capped versus the EUR and USD. This is owed to there being weak economic data published from the British economy earlier on.
The Canadian dollar is trading much lower against the Australian dollar this morning. Investors have decided that it is time for them to ditch the loonie on the speculation that the nation’s central bank will cut interest rates in the near future. This is because of clues given by government officials and the desire from higher economic growth. The currency is trading lower vs. 15 out of 16 of its major currency counterparts. Look for additional losses to be made for the CAD in the coming hours of trading.
We saw much mixed behavior when it came to U.S. stocks and indices yesterday. This comes on a week of much instability for the financial markets. Many traders are getting back from their holidays, so the markets will get busier and more attractive to invest in.
The Dow Jones Industrial Average dived yesterday by 0.11 percent to 16,444.76. The S&P 500 Index advanced 0.03 percent to 1,838.13.
Facebook dived 1.73 percent to $57.22. Alcoa dipped 1.29 percent to $10.69. Bank of America advanced 1.51 percent to $16.83.
The crude oil binary option took a very big beating yesterday, as global economic data did not come out as was hoped. Traders just felt that they should sell off the black gold due to the weakness which the commodity entails. The good news is that the crude oil binary option is trading higher this morning by about 80 cents, as traders feel that the commodity is very undervalued. Therefore, you may want to open Calls in order to make some very high returns.
It is good to see that gold is also trading higher this morning after such volatility in previous trading days. The yellow metal has managed to surge by $3 in the latest round of trading. It seems that the strong dollar has not deterred investors from taking risks when it comes to the gold binary option. The fact of the matter is that there is much strength in the commodities market this morning, which means you may want to go long on the metal.
It was unfortunate to see that crude oil made such big losses in previous trading sessions. At least the commodity has made a mini comeback this morning. What we are seeing is evidence of just quickly the situation can change in the financial markets. Therefore, you will need to follow the global economic situation very closely if you intend on making some high returns from the markets this Friday afternoon.