The dollar was mixed for much of yesterday’s trading session. The same is true this morning, as traders are trying to work out which currencies they should put their money into. The fact is that the S&P 500’s rally was halted yesterday, as there are concerns that the index is overvalued. This helped the dollar climb versus bitcoin and the euro. On the other hand, it is trading lower against the Aussie and the cable. The economic data and the movement of U.S. stocks this afternoon will be key in driving the greenback. Therefore, make sure to study your trades very closely.
The loonie is set to drop versus its main peers on the forecast that the RBNZ may cut rates. This is due to officials being concerned about the currency’s strength. The kiwi is facing resistance near its current level, which is why you will want to be cautious. It is forecasted that rates will be increased to 3.25 percent tomorrow. The kiwi has already surged 3.9 percent this year versus the greenback. It will be interesting to see which way the NZD/USD pair will go later on.
The pound sterling is trading higher for a fifth day versus the euro. In fact, the pound hit its highest level in 18 months versus the euro. This came as British industrial production climbed to its fastest pace since 2011. This is proof of the strength of the British economy as compared to the Eurozone. It is expected that British rates will be increased in the near future. Therefore, look to go long on the GBP for yet another trading day if you are up for making high returns.
We saw yet another action-packed day when it came to stocks yesterday. They didn’t go as high as we have seen previously, but a good number were able to hold their value.
The Dow Jones Industrial Average made gains of 0.02 percent to the 16,945.92 level. The S&P 500 Index slumped 0.02percent to $1,950.79.
Facebook Inc. made gains of 4.6 percent to $65.77. Apple Inc. jumped 0.59 percent to $94.25.
Traders will now be paying a close eye to the economic data which comes out of the American economy each trading day. They are of the view that they should wait on the sidelines until things are clear.
We are seeing the crude oil binary option trade near its highest level in a month on the forecast that crude supplies in the U.S. tumbled for the second straight trading week. In addition there has been a decent amount of optimism in the financial markets as of late, which may continue to support the black gold.
The gold binary option is trading near its highest level in 2 weeks. Traders really feel that they should go long on the yellow metal at the moment, as the dollar is showing a lack of direction In addition, gold futures as it seems as undervalued, which has ended up lending gold futures a helping hand. Look to go long this Wednesday morning.
It is great to see that traders have so much confidence in the crude oil binary option at the moment. Traders are in favor of going long on the black gold due to the very high returns which is offers them ex trading day. It is likely that the black gold will build on its gains this afternoon, so going long is the way to go this Wednesday.