Forex Trading Analysis
The GBP/USD pair climbed up to $1.6122, registering a rise of 0.06 per cent. The AUD/USD duo also soared by 0.17 per cent as it touched the mark of $1.0546. Seeing such significant surge in the greenback, many binary options traders sold it. The main reason behind the rise in dollar was the Federal Reserve’s decision to move ahead with more stimuli for the economy in United States, which sent a positive vibe in the market.
The USD was overbought recently, so the instant selling off was a usual reaction. This infused a new confidence amongst the binary options trading enthusiasts, even though the stock market at Wall Street saw a slump yesterday. The Call options for the GBP/USD pair are currently a favourite of the binary options brokers and traders.
The EUR also traded better than its peers, with the EUR/USD soaring by 0.09 per cent at $1.3089 and
EUR/GBP rising by 0.06% to 81.21 pence, which prompted many traders to purchase into this risky currency. The Japanese currency lost its charm on Friday, probably due to the impending elections to be held in Japan over the weekend. The USD/JPY pair soared by 0.14 per cent at 83.77 yen.
A Look at the Stock Market
Coming to the stock market trading, the Asian equities strengthened on Friday morning after the release of China’s economy data, which showed a good bounce. Following this, the Chinese shares surged to a level, which is the highest it reached since January. The MCSI Asia Pacific Index retained its position as it still remained at 127.17. One stock that showed volatility was the Nikkei 225 Stock Average Index of Japan. The Shanghai Composite Index of China and Hang Seng Index of Hong Kong climbed up by 3.7 per cent and 0.7 per cent, in that order. On the other hand, South Korea’s Kospi Index and Taiex Index of Taiwan dipped by 0.4 per cent and 0.8 per cent, respectively.
As far as the commodities are concerned, the crude oil dipped a lot after it witnessed huge downward pressure, which can be attributed to different reasons. One reason would be the strengthening of dollar, which degraded the prices of oil to a great extent. The inventories of crude oil surged by 283000 barrels, in contradiction of the prediction that it would fell by 2.5 million barrels. Coming to the energy binary options, it is trading at 86.78 dollar, which is 89 cents higher than its earlier mark.Incoming search terms:
- ASIAN STREET COM