Pound Surges on Strong British Economy
Dollar dives this Monday morning as traders are in the mood to take some big risks when speaking of the forex market. They feel this way following the weakness we saw in Asia a few hours ago. Also, it seems that the greenback is overvalued to some extent, so the weakness we are seeing with regards to the dollar is of no surprise. More losses are likely for the USD later today.
We are seeing much strength for the British pound today on the bullish British economy. On all fronts, Britain seems to be on the right track. This is in contrast to the situation which we are seeing in the Eurozone. The GBP/USD currency pair is trading higher this morning by 0.21 percent at $1.6515. Traders are of the view that the pound sterling will continue building on its gains in the hours ahead. With this in mind, look to go long on the GBP this afternoon.
There were gains for the Japanese currency in the previous two trading days. However, it is trading lower this morning, as investors just did not feel it was worth it for them to go long on the yen any more. The yen has made some losses versus the pound and the dollar. There are concerns over the nation’s economy, which is partially why the yen is lower this morning.
We saw massive losses when it came to U.S. stocks during Friday’s trading session. Investors felt that it was time for them to take out the profits which they made during previous trading weeks. This is understandable as there have been a lot of risks recently.
The Dow Jones Industrial Average fell on Friday by 1.96 percent to 15,879.11. The Nasdaq Composite Index also made some heavy losses.
General Electric dipped 3.37 percent to $24.95. Bank of America slipped 2.43 percent to $16.45.
It may be that the losses which we saw in the U.S. stocks were overdone to some extent. This is why there may end up being a bullish comeback this afternoon.
The crude oil binary option is trading higher this morning by 27 cents at the $96.91 price level. Traders just feel that it is worth it for them to take some big risks these days. Also, with Britain and the U.S. growing at a steady pace, this has turned out to lend the commodity a helping hand in the latest round of trading. This is why you may want to get in on the bandwagon in the hours ahead. To do so will help you profit during Monday’s trading session.
The gold binary option is higher by $5.40 this morning. We have seen some steady gains for the yellow metal in recent trading days, as investors feel that there could be some impressive gains ahead for the commodity. This needs to be taken into account if you are interested in trading the commodity each trading day. Gold is also being pushed higher by the much weaker dollar. If the USD goes any lower, then gold prices will surge later this Monday.
When speaking of bullish commodities, the crude oil binary option seems to come to mind. Traders just have so much confidence in commodities as of now. There are various reasons for this such as the much weaker dollar. Also, investors feel that crude oil reaching the $100 level is reasonable. If you want to make maximum gains from crude oil today, then be sure to open Call Options.