Euro the Strongest Currency Today!
The dollar slides further
The greenback is in very low demand today after there was the release of the positive jobs data yesterday. Investors were more than willing to ditch the dollar due to the resurgence in risk appetite in the financial markets. The AUD/USD pair is lower today by 0.14% at $1.0370. The USD/CHF has slumped 0.03% to 94.70 centimes. The dollar has lost a lot of ground versus the cable and the euro in the latest round of trading.
The EUR continues to gain
The European single currency has continued to gain this morning, as traders are willing to sell haven currencies and buy into the euro. The EUR/GBP currency cross is much higher this Friday by 0.02% at 86.26 pence. The euro has also surged versus the dollar to the $1.3012 level. Traders have been confident ever since the U.S. published data showing a fall in the jobless claims during Thursday afternoon’s U.S. session.
Pound in very high demand today
There is a lot of demand for the British pound today, as investors are willing to take risks. The GBP/USD forex binary option is higher by 0.01% at $1.5085. Traders feel that it is time to buy into the British currency, as it has been undervalued lately. This has been largely due to fears of a possible triple dip recession. Therefore, traders really need to understand the global economic and political dynamics while they trade the pound sterling in the coming days.
Yen slides a lot this Friday
The yen did happen to show strength in early trading. However, it has been sliding ever since. The USD/JPY pair is higher today by 0.04% at 96.14 yen. Traders have gradually sold the Japanese currency since the start of today’s trading session, as they feel that there are further losses ahead with the plan of the BOJ to print more money.
Stocks record an impressive rally yesterday
U.S. stocks recorded an impressive rally during yesterday’s trading session, as they felt that they were undervalued. Traders became more confident as the trading day dragged on due to the U.S. releasing a strong set of economic figures.
The Dow Jones climbed 0.58% to 14539. The Nasdaq 100 climbed 0.31% to 2807.30. The S&P 500 advanced 0.56% to 1563.23.
Nokia advanced 0.58% to $3.47.Intel fell 0.05% to $21.65. Pfizer rose 0.32% to $28.11. Oracle added 2.02% to $36.30. Sprint fell 0.34% to the rate of $5.86.
Gold headed for its second weekly advance
The gold binary option is headed for its second straight week of gains, making it the first back to back advances since the month of January. Gold futures have been able to gain in the past 2 trading weeks after the commodity tumbled in previous months. The forecast of additional economic stimulus boosted the demand for the precious metal. However, traders have started to sell the commodity this morning due to the growing risk appetite among commodities traders. Therefore, it is no wonder why traders have opted to sell the precious metal today. Further declines may lie ahead in the coming hours.
Trade of the Day
USD/CAD the pair to follow this Friday
The USD/CAD is being followed very closely by traders. Investors have sold the currency pair this morning after Canada published positive housing data. Thus shows that there is a lot of confidence in the Canadian economy at the moment. This is vital in showing just what great shape Canada and the CAD are in. Therefore, the CAD may build on its gains.