U.S. Stock Rally Dominates the Headlines
Trade of the Day
Dow to build on its gains
The Dow Jones was able to make some impressive gains during Friday’s trading session. Investors were in the mood to take risks, as there were so many opportunities to make money from the financial markets. Investors have a lot of risk appetite at the moment, which has ended up lending the Dow a helping hand. Look for the Dow Jones to build on its gains later.
Dollar sliding on all fronts
The dollar has been going weaker since the beginning of this morning’s trading session. Traders just do not feel that now is the time for them to take risks when it comes to the greenback. This is after it was able to make some very important gains in the forex market last week. The EUR/USD currency pair is higher as of now by 0.05% at the rate of $1.3678.
EUR mixed today
We saw a lot of strength for the euro in early morning trading. Currently, it has managed to make inroads into the dollar, but has capped some very big losses versus the greenback. This shows the way that the currency market is moving these days. It is quite unpredicted, which is why traders are looking for different ways to earn high returns from the movement of the European single currency. The data published from the region will be crucial in determining how strong the euro will be as the trading day passes by.
Sterling very strong
The pound sterling has been one of the strongest currencies since the beginning of this morning’s trading session. Traders are in the mood to go bullish on the pound after the losses which it made during the latter part of last week’s trading session. With there being a lot of confidence in the forex market today; this has turned out to really help the GBP gain on all fronts. Therefore, you may want to go long on the pound sterling later on.
Yen holding strength
The yen has been gaining versus the euro and the greenback since the beginning of today’s trading session. This is after the Japanese currency was sold off last week. Traders just feel that it is time for them to take risks when speaking of the yen at the moment. As a result, you may want to look at what is in it for you when it comes to the Japanese yen in the next few hours of trading.
Global stocks higher
We saw an impressive rally on Friday on Wall Street. This was largely due to U.S. GDP coming out better than was forecasted. This has resulted in Asian stocks being able to make impressive gains this morning.
There will be a lot of data from the U.S. and a number of other economies today, which will be crucial in driving American stocks. This will need to be followed closely if you intend to trade indices and stocks on Wall Street this afternoon.
We are likely to see tech stocks continue going higher.
No direction for the yellow metal
We are not seeing any direction for the yellow metal today. Traders have decided that they will sit on the sidelines until there is more economic data published from the leading economies. It is true that gold was down a touch a few hours ago, but it is currently unchanged. This has led some analysts to the conclusion that gold may actually be able to make a mini comeback in the short term.