Dollar Surges on Concerns over Europe!
Dollar much higher today
The demand for the dollar is very high due to the concerns over the European debt crisis. Traders are not so willing to take risk today due to the growing concerns with regards to the debt crisis in Europe. This has led traders to buy into the greenback en masse this morning. The USD/CAD pair has surged this morning by 0.1% to 87.58 Canadian cents. The USD/CHF has climbed 0.21% to 94.92 Swiss francs.
Euro trading mixed
The euro is trading rather mixed versus it main peers this Tuesday morning. The EUR/USD forex binary option is lower today by 0.15% at $1.3026. The EUR/GBP cross is up 0.03% at 87.48 pence. There just is a lot of instability in the forex market following the Asian trading session. Traders are starting to work out which currencies are the best to put their money into this Tuesday. The euro may gain as the hours pass by, so open Calls.
GBP falls yet again
It can be said with confidence that the pound sterling is the weakest currency these days. Traders do not have confidence due to the sterling offering a lack of returns. The U.K. economy is stagnant, while the Eurozone is growing faster. This is a very bad sign, as whatever the government does has not turned out to help the economy. The GBP/USD pair is trading lower this morning by 0.17% at $1.4890. The pound is also much weaker versus its other peers this Tuesday morning. Further losses are likely later on.
JPY slumps on forecast of more stimulus
The JPY is in very low demand due to the forecast of more stimulus for the Japanese economy. With printing of more money on the cards, it is no wonder that traders have opted for alternative currencies today. It is important to take into account that the yen is one of the most bearish currencies as the moment. It recently fell to a 4-year low vs. the dollar.
Stocks begin the week on a high
U.S. stocks started the trading week on a high. This is good news for traders who decided to open positions yesterday morning. Those who did were able to make some very nice profits indeed.
The Dow Jones advanced 0.35% to 14447.29. The Nasdaq Composite index jumped 0.26% to 3252.87. The S&P 100 added 0.36% to 700.76.
Cisco Systems rose 0.24% to $21.88. Pfizer added 0.21% to $28.25. Nokia Corp. slipped 1.63% to $3.62. Facebook Inc. surged 0.64% to $28.14.
The gold binary option surging
Gold futures are higher for the fourth straight trading day. Traders continue too bullish in gold, as the commodity is offering traders very high returns. The bullishness is partially owed to the ongoing Eurozone debt crisis. However, investors have also decided to buy into the gold binary option today, as it provides traders with very high returns each trading days. By looking back at recent months, it is apparent that the commodity is undervalued. As a result, the bullishness we are seeing today is more than welcome by commodities’ traders. This means it may well be worth opening Call options.
Trade of the Day
S&P 500 in high demand lately
The S&P 500 is in very high demand these days. As a result, traders have decided to go bullish on the index. It has risen with U.S. stocks and other widely traded indices. It rose both yesterday and during last week’s trading session. Investors hope that the index will continue rising this Tuesday.