Crude Futures Jump Today!
USD starting to weaken
The demand for the dollar is waning this Wednesday morning. Investors feel that the greenback is overvalued, as they have decided to start going bearish on the U.S. currency. The biggest losses this morning have been versus the euro, pound and the yen. The AUD/USD forex pair is trading lower today by 0.15% at $1.0309. The dollar may dive later on this Wednesday afternoon.
EUR rather mixed today
The euro is rather mixed today. It has actually been losing some ground as there are concerns over the state of the Eurozone. The fact of the matter is that there is a lot of weakness coming out of the region. Therefore, traders have opted to put their money in alternative currencies. The EUR/GBP currency cross is weaker this morning by 0.18% at 87.30 pence. Traders have tried to reevaluate their euro portfolios in the latest trading.
Pound trading higher on all fronts
The pound sterling is trading higher on all fronts today. Its most impressive gains have been versus the dollar and the euro. Trades have decided to buy into the British pound after it has made heavy losses in the previous week of trading. Therefore, traders are happy to see the cable make an impressive comeback. However, investors are unsure of how long the GBP will be able to maintain its latest gains. The GBP/USD forex binary option is higher by 0.21% at $1.4933.
Yen is the strongest currency today
It is important to take into account that the Japanese yen is the strongest currencies today as opposition is growing against the aggressive stimulus measures which have been adopted by the Bank of Japan in the past 6 months. The yen has made notable inroads into the dollar and the euro in the latest round of trading. These gains may be extended.
Leading stocks and indices decline
We saw a lot of weakness for the leading stocks and indices yesterday. Traders decided to go short, as there has just not been enough backing the top stocks and indices recently. This is as they have been overvalued in the previous week of trading.
The Dow Jones actually rose by 0.02% to 14450.06. The Nasdaq 100 slipped 0.39% to 2800.81. The S&P 500 declined 0.24% to 1552.48.
Intel dipped 0.23% to $21.64. Citigroup fell 1.37% to $46.95. Other leading stocks also slumped yesterday afternoon.
Crude oil surges today
The crude oil binary option is trading higher for the fifth straight trading day. It is up this Wednesday by 17 cents at the rate of $92.72. There are a number of important reasons for this morning’s gains. The fall in U.S. supplies has put a lot of upward pressure no crude prices. Traders are now in the mood to go bullish on crude, as they know the commodity is undervalued. It is important to take into account that crude oil has been oversold in recent trading weeks. Therefore, what we are seeing at the moment is normal. There may be further gains ahead for crude oil, so pay close attention to all of today’s economic developments.
Trade of the Day
GBP/USD pair to advance further
It is expected that the GBP/USD forex binary option will continue building on its latest gains, as traders are in the mood to take big risks today. They just feel that there is a lot more bullishness on the cards for the pair, as the GBP/USD has been oversold recently. Therefore, traders should look into buying into GBP/USD this Wednesday.