Traders Very Confident in U.S. Stocks
Trade of the Day
Gold quite bearish
Gold futures are lower by $24, as traders feel that it is not the right time to go long on the yellow metal. This is after it rose notably during the previous weeks of trading. Investors are focusing on putting their money into other assets. This is due to gold being somewhat overvalued. With gold tracing the inaction with regards to a military strike in Syria, what we are seeing today is of no surprise. Gold is set to slide further today.
Greenback mostly higher
The USD is mixed to higher today. Traders have gone long on the dollar as the trading days has passed by. This is after it was pretty mixed a few hours ago. There seems to be a lot more confidence in the greenback following the gains that were made for U.S. equities during yesterday’s trading session. Also, the dollar has been oversold versus the euro. It is no wonder that he EUR/USD pair has slumped 0.14% in the latest trading.
Weak data pushes euro lower
The euro has been pushed lower this morning on the publication of weak economic data. Traders were in the mood to sell the European single currency, as they felt that it was not the time to go bullish on the euro. The fact is that the euro has lost a lot of ground versus the dollar and the pound. This comes following the release of weak economic data from the Eurozone in the past few hours or so.
Pound mixed today
There is mixed behavior when speaking of the British pound. Traders are in the mood to sit on the sidelines, as there will be much economic data released from the newswires in the next few hours of trading. This is why traders will need to be patient if they want to make high returns. It could be that the pound good make a comeback versus the dollar. However, you will need to be prepared for all possibilities.
Yen holding its ground
There seems to be a lot of strength when speaking of the Japanese currency today. Investors are in favor of buying into the yen, as it made very big losses in previous trading days. With the Japanese economy growing at a steady pace, it seems to be a good time to buy into the yen. The USD/JPY pair may continue sliding later today.
U.S. stocks go higher again
Traders are of the view that buying into U.S. stocks is the best bet. They have bought into them since the commencement of trading on Monday. This is after they capped very big losses on Friday. With the likelihood of war being very low against Syria, this has really given stocks on Wall Street a much needed boost.
What is required to boost stocks yet again this Thursday afternoon is positive unemployment claims data. Therefore, if you are serious about making money, you will want to trade on the release of this economic data
Gold may go even lower
One of the weakest commodities today is gold. It needs to be taken into account that nearly all commodities are lower this Thursday. Investors just feel that now really is not the right time to open long positions in the yellow metal. With war with Syria less likely, there seems to be no reason to buy into the metal. Moreover, traders refer putting their funds into the dollar today. This has resulted in the gold binary option going much lower.