Binary.com Daily Market Report (3rd March)
March 3, 2014 10:07 amVideo
Latest News
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- Forecast for EUR/USD on April 23, 2024 April 23, 2024
- Forecast for GBP/USD on April 23, 2024 April 23, 2024
- Forecast for USD/JPY on April 23, 2024 April 23, 2024
- Outlook for GBP/USD on April 23. The pound resumed its decline without delay April 23, 2024
- Outlook for EUR/USD on April 23. Boring Monday went off without a hitch April 23, 2024
- Less reason to expect the dollar to weaken April 23, 2024
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- GBP/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
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Ukraine Tensions Push Gold to Five Month High
Morning Report: 08.45 London
• This morning, escalating tensions in the Crimea and Ukraine have pushed gold to its highest level for five months. As Russian forces essentially occupy the Crimean peninsula, diplomatic tensions are rising as the US warn of consequences, while Russia looks after its strategic interests. The major powers have made their opening moves in this developing crisis and there is no doubting that Russia holds the advantage.
• Stock markets have gapped lower on the news, while the dollar index is still struggling after a major sell off.
• Money is flowing into safe harbours, with Gold and Silver up over 1% this morning.
• The yen is also benefiting from this flight to safety, with the yen pairs generally down by 0.40% and the EUR/JPY down 0.60%.
• The NZD/USD is holding up relatively well though and is bidding up after an initial sell off.
Coming up today:
• Today’s G7 meeting will discuss the escalating crisis in Ukraine.
• Coming up today, we also have UK manufacturing PMI at 09.30, with net lending to individuals released at the same time.
• From 13.30 we have US core PCE price index and personal spending.
• From 14.00 we have a speech from ECB president Draghi.
• US ISM Manufacturing closes the day’s major announcements at 15.00.
Trade Idea:
• The Ukraine crisis is unlikely to blow over soon and as such, the clamour for safe havens may continue.
A good way to play this is a LOWER trade on the USD/JPY predicting that the pair will close below 101.00 in 7 days time for a potential return of 150%.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
Summary:
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