Currencies

• The euro (EUR) range bound between the levels of 1.3833 and 1.3897 against the US dollar (USD). The single currency consolidates around 1.3855 awaiting for more news to come out. On the calendar, the European industrial production due at 10:00 GMT with expectations at 0.6%.

• The US dollar (USD) slid from 103.42 down to 102.80 against the Japanese yen (JPY) and formed its new support. The yen appreciates against its peers as Chinese data are coming out worse than expected, indicating slowing economic activity.

Equities

• The US 500 (SPI) tumbled from its record highs all the way down to 1861, as commodity shares fell unexpectedly adding concerns over the Chinese economy.

Commodities

• WTI Crude (OIL) collapsed below the psychological level of 100 US dollars per barrel and is now trading around 99.30. The US crude oil inventories are on the calendar and expectations show that 2.1 million stockpiles held during the previous week.
  

Mover & Shaker with FX Options

• Gold (XAU) continues its rally for another day and gained more than 35 US dollars from beginning of the week. The precious metal advanced as the tensions in Ukraine spurs demand for haven assets. Thus, gold touched its highest level since September at 1362 US dollars an ounce.

• Options traders may consider constructing a Bull Call spread on Gold.

• A Bull Call spread can be constructed by purchasing an at-the-money Call and selling an out-of-the-money Call.