The dollar has continued to slide against its main currency counterparts as the trading day has gone by.
There is a lot of bullish sentiment in the market right now, which is pushing the dollar much lower this Tuesday.
The GBP/USD forex binary option has gone higher by 0.14% to $1.6023. The USD/CAD pair has fallen 0.4% to 97.38 Canadian cents. The greenback has also made big losses against its other peers today.
The markets have gone even higher recently ahead of tomorrow’s Federal Reserve policy meeting where further stimulus is expected to be announced.
The other main reason why traders are so confident is because a German court approved bailout funding.
The euro is very bullish today after a German constitutional court approved the country’s role in the Eurozone’s permanent bailout fund.
This sent so much positive sentiment through the markets recently, and is expected to continue into late trading this Tuesday.
The EUR/USD forex binary has advanced by 0.28% to the $1.2795 level. The EUR/GBP has jumped 0.06% to €0.7984.
The euro looks to continue gaining ground as the trading day drags on. In order for this to happen, the U.S., Canadian and Eurozone economies will need to publish positive data.
The yen is not as weak as many traders had anticipated. This is largely due to the Asian stock market slump in early trading.
The USD/JPY pair is weaker today by 0.32% at the 78.03 yen level. It will be interesting to see if this currency pair will continue to decline in the hours ahead.
The Japanese currency has been much stronger than a number of economists had previously predicted.
The unwillingness of the Bank of Japan to print more money and the recent Asian stock market decline is supporting the JPY.
Asian stocks capped a very bearish trading session earlier this morning. This was on the worsening European debt crisis and before the Fed policy meeting tomorrow.
The MSCI Asia Pacific Index slipped 0.4% to 118.76. Japan’s Nikkei 225 Stock Average capped losses of 0.7%. China’s Shanghai Composite Index fell 0.9%. Hong Kong’s Hang Seng Index lost 0.2%. South Korea’s Kospi Index plummeted 0.2%.
Panasonic slid 1.7% to 534 yen. Costco Pacific fell 0.6% to HK$9.88.
The price of crude oil was much lower several hours ago. This was after gaining 12 cents during Monday’s session.
Crude oil seems to have made an amazing comeback by climbing 6 cents recently, but has dropped down yet again.
The crude oil binary option is acting negatively due to the inability of the European Central Bank to push through much needed reform, which would possibly curb the European debt crisis.
In addition, there has been much negative data from the U.S. and other leading economies recently. Therefore, traders are starting to feel that fuel demand could fall.
A Saudi Arabian official recently stated that oil prices are too high at the moment, as there is a lot of demand supporting the commodity.
This all comes with renewed optimism in the financial markets today. This is the only energy which is weaker this Tuesday.
It is foreseen by binary options traders that crude prices will rise later today, which helps explain why daily Call options are currently so popular.
The GBP/USD forex binary option has been under much downward pressure in recent trading weeks, due to a lot of bearish market sentiment. However, the pair is trading higher today on the return of market optimism. The pair looks to make additional gains, as the trading day unfolds.
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