Traders Confident in the Markets this Morning
Trade of the Day
Dow to gain a lot later
Traders have had a lot of confidence with regards to the Dow Jones lately. This was compounded with the advances in Asian equities this morning. Trades have had so much confidence lately due to the better than forecast global data that we have seen in some of the recent trading weeks. The Dow Jones index is set to continue gaining during the U.S. session.
Lack of direction today
When speaking of the U.S. dollar, we are seeing a lack of direction today. Traders just do not feel that they should take big risk with the greenback at the moment. It has managed to make inroads into the JPY, but this has not been the case with other currencies. Therefore, you will need to follow all of the economic events as they are released from the news wires this afternoon.
Much strength today
There is a lot of strength with regards to the European single currency today. Traders have been gong long on the euro in the past few hours, as they feel that the EUR is very much undervalued at the moment. Traders are of the view that there will be additional gains as he trading day passes by. The EUR/USD pair is higher today by 0.07% at $1.3692. The euro has also made inroads into a number of its other peers in the latest round of trading. You may want to get in on the action by opening Calls this morning.
GBP/USD pair going higher
There is a lot of strength for the GBP/USD pair this morning. The bad news is that the pound has not been able to make inroads into its other peers soon. The mentality of traders is that they should wait on the sidelines to a certain extent until the markets in European reopen tomorrow, as there is bank holidays in the region today. Therefore, there will be a lot of focus on the GBP/USD.
JPY the currency to sell today
Traders have been in the mood to sell the Japanese currency since the beginning of today’s trading session. Housing starts in the nation increased more than expected, which led traders to sell the nation’s currency. The result has been on them buying into risky assets such as Japanese and other Asian stocks. The yen has tumbled versus the dollar, euro and the pound. More losses are forecasted during afternoon trading.
Stock surge expected in the U.S.
Investors expected a stock surge in the U.S. following the gains which we saw in Asia a few hours ago. It is good to see that investors have so much confidence in the financial markets at the moment.
There has been much data released from the global economy. Therefore, you may want look into opening positions in some of the leading U.S. equities once trading gets going.
Before that, you will want to study the way the markets work form a technical standpoint, as this will help you open wise positions.