Yen and Aussie Surge against the U.S. Dollar
It is true that the greenback is trading lower versus the yen and the Aussie, but the U.S. currency has been able to make inroads into a number of its peers this morning. Therefore, you will not want to underestimate the U.S. dollar if you want to make maximum returns from the financial markets this morning. The EUR/USD pair is trading lower as of now by 0.02 percent at $1.3666. The GBP/USD pair is down by 0.26 percent at $1.6440.
The Australian is trading at its highest level in a month versus the U.S. dollar. Traders are in favor of going long on the Aussie today after the nation has published some very impressive economic data. The gains for the AUD come ahead of jobs data this week which is expected to be very positive. Therefore, traders are capitalizing on this forecast and the fact that there is much weakness for the greenback at the moment.
The Japanese yen has risen to its highest level in three weeks. Traders are in favor of going long on the Japanese currency after it has made some very big losses against its peers in previous trading sessions. Moreover, the slowing American economy has pushed traders to the Japanese currency. The USD/JPY currency pair is lower by a massive 0.74 percent at 103.40 yen. With U.S. jobs data coming out much worse than forecast at the end of last week, it is no wonder that traders ditched the greenback and bought into the yen. Look for more losses in the pair this afternoon.
Stocks on Wall Street actually ended up rallying during Friday’s trading session. Investors felt that it was worth it for them to take risks due to the high returns available in the financial markets. This was even though the U.S. data came out very negative. The forecast that the Fed may actually go for more stimulus is the real reason we saw the rally.
The top stocks and indexes were able to gain, and we may see more bullishness ahead this afternoon.
Crude oil futures are trading lower this morning by about 41 cents, as traders are not in the mood to take risks when it comes to energies. This has been the feeling among traders since early morning trading. This is following the advances which crude was able to make during Friday’s session. It is important to take into account the black gold ended up making some very big losses last week, so you will want to be very cautious in the coming hours of trading.
Gold is following the trend of other commodities this morning by sliding into the abyss. Traders just do not feel that it is worth it for them to take risks when it comes to the yellow metal, because of the impressive gains which it managed to make during Friday’s session. There will be a number of factors driving gold futures in the hours ahead, which is why you will want to follow the data form the U.S. economy closely to make some wise trading decisions.
The Dow Jones has been a great performer when it has comes to American indexes. Traders have just been in favor of taking some big risks with trading in the financial markets recently. You may want to look into going long on the Dow Jones once the U.S. session gets going if in order to make considerable profits in the early part of the current trading week.