Dollar Gaining Much Strength
Trade of the Day
A comeback may lie ahead
There has been a lot of weakness when speaking of the Dow Jones in the past few trading days. Traders decided to ditch the leading U.S. index again during Monday’s trading session. This index dipped with a number of other leading U.S. indices. This is as traders just do not have confidence as of now. You will need to stay ahead of all the economic data in the coming hours of trading if you intend on trading the Dow.
Dollar higher this morning
The dollar was lower a few hours ago, but is now trading higher versus its main currency counterparts. The fact is that the greenback was highly undervalued in early morning trading. There has been a correction in the dollar this morning, as traders now realize that the safest currency to put their money into is the U.S. dollar. The biggest gains have been made versus the Aussie and pound. Traders will want to be very careful while trading the leading currencies in the hours ahead. It seems that the USD will continue to be one of the strongest currencies today.
Euro gaining ground
It is true that there has been a lot of weakness when speaking of the euro at the moment. However, there are signs that the EUR will make a comeback in the next few hours. This is as the euro is highly undervalued. The fact is that a number of nations in the region are showing signs of improvement. Again, it is Germany which is at the forefront of this. Therefore, you will want to start going long on the euro to make some very high returns.
GBP lower on all fronts
There is a lot of weakness when speaking of the British currency this morning. Traders have decided to go short on the British currency this morning, as traders are waiting for the economic data to be released from the leading economies in the hours ahead. By going short on the pound today may lead to you making a lot of profit.
Yen much higher now
We have seen a lot of weakness from the yen in the past few hours of trading. Among the biggest gains have been capped versus the Aussie and the dollar. It seems that the slump in Asian stocks has lent the yen a helping hand. It would be of no surprise if the yen continues to build on its gains in the coming hours of trading.
Stocks did not perform
Yesterday we spoke about whether or not U.S. stocks bottomed out. Well the answer is no, as there was another slump on Wall Street on Monday. It is sad to see that traders still have a lack of risk appetite. This may be on their minds while they trade the equities this Tuesday morning and afternoon. A comeback is very likely today as it can be said that U.S. and even European stocks are very much undervalued these days.
Gold highly bearish today
One of the most bullish commodities in recent trading weeks has been the gold binary option. Traders have favored putting their money in gold, as it has been providing them some very high returns. This is as there is much weakness in a number of other commodities. The fact is that there are many factors driving the financial markets this Tuesday. As a result, you will need to be prepared while trading gold and other precious metals throughout today’s trading session.