S&P 500 Rises
There is moderate weakness in the U.S. currency this morning following the gains which we saw in American and European stocks during yesterday’s trading session. Investors are of the view that they should begin taking risks with the forex market. The GBP/USD pair is higher this morning by an impressive 0.15 percent at $1.6453. The dollar has also made inroads into a number of its other peers.
The euro has risen to its highest rate in six weeks versus the U.S. dollar on the prediction that French industrial production improved. Moreover, the euro advanced to a five-year high versus the yen prior to the speech by European Central Bank President Mario Draghi today. The EUR/USD pair is higher as of now by 0.05 percent to $1.3745. The euro has not managed to make inroads into the British pound though. This may be due to the strength of the British economy at the moment.
The Canadian dollar is trading near its lowest level in three years versus the U.S. dollar. This is on signals that the U.S. Federal Reserve may cut its monetary stimulus as early as next week. This has taken traders away from the CAD and put them into other currencies. With new-home construction slowing down in November, this has turned out to hurt the CAD notably.
The S&P 500 surged to its highest level ever on the talks on whether the Federal Reserve will end economic stimulus. It seems that the S&P 500 and other indexes on Wall Street have extended their bullishness which we saw during Friday’s trading session.
The Dow Jones Industrial Average made gains of 0.03 percent to the 16,025.53 level. The S&P 500 advanced 0.18 percent to 1,808.37.
Facebook rose 1.88 percent to $48.84. Microsoft jumped 0.91 percent to $38.71. General Electric advanced 0.93 percent to $27.18.
Many traders expect a third straight day of advances this Tuesday, so get prepared for this possibility.
Crude oil futures are trading higher this morning by 42 cents at the $97.77 price level. Traders feel that it is worth it for them to go long on the black gold today due to the forecast that U.S. crude supplies have declined for a second straight trading week. It is important to understand that the commodity slipped for the first time in seven days oo Monday. This is evidence of just how much risk there is in the commodities market at the moment. One issue which is putting upward pressure on the commodity this morning is the instability in Libya.
Gold futures managed to climb during yesterday’s trading session, while a number of other commodities dipped. It seems that the yellow metal was helped due to there being a lot more confidence in the financial markets. The good news is that the gold binary option is trading higher this Tuesday morning by $11.70 at the $1,245.90 price level. Gold has been boosted as the dollar is mostly lower this morning. Traders may want to open Calls this Tuesday.
One of the hottest commodities this morning is crude oil. Traders foresee the black gold to rise to the $100 level in the near future. This is because there seems to be so many factors at play. There is a global economic recovery, led by the U.S. and the U.K. This has really encouraged trader sto take big risks in the latest round of trading. It is no wonder that the crude oil binary option is so bullish right now.