The EU Morning Report – Greenback weakens across the board- 26 June 2014
Currencies
The euro (EUR) continues its bullish trend against the US dollar (USD). The pair rose up to 1.3650 after the final quarterly US GDP came out worse than expected at -2.9%, the worst for the last five years for the US. The pair is currently trading around 1.3632, as the dollar remains under pressure before the Unemployment Claims announcement today.
The US dollar (USD) continues its downside and dropped down to 101.61 against the Japanese yen (JPY). Further bad economic data from the US may pave the way towards lower lows.
Equities
US equities rose yesterday after the bad data of the final quarterly US GDP. US 500 (SPI) advanced to 1950, US 30 (DOW) went to 16800 and US Tech (NDQ) climbed to 3822.
Commodities
Copper (CPR) continues its rally for the last two weeks as inventories shrank. Copper is currently trading around 3.17 US dollars per pound.
Mover & Shaker with FX Options
Gold (XAU) rebounded from 1307 all the way up to 1324 before retracing back to 1315 US dollars an ounce. Demand for safe haven assets increases as the tensions in Ukraine and Iraq continues.
Option traders may consider constructing a Bull Call Spread Strategy on the XAUUSD and gain if the pair moves in either direction, while the risk is limited to the premium paid.
A Long Call Spread Strategy can be constructed by selling an out of the money Call, while buying an in the money Call.
Written by Demetris Constantinou
Currency strategist at easy-forex
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
The EU Morning Report – Greenback weakens across the board- 26 June 2014
Currencies
The US dollar (USD) continues its downside and dropped down to 101.61 against the Japanese yen (JPY). Further bad economic data from the US may pave the way towards lower lows.
Equities
US equities rose yesterday after the bad data of the final quarterly US GDP. US 500 (SPI) advanced to 1950, US 30 (DOW) went to 16800 and US Tech (NDQ) climbed to 3822.
Commodities
Copper (CPR) continues its rally for the last two weeks as inventories shrank. Copper is currently trading around 3.17 US dollars per pound.
Mover & Shaker with FX Options
Gold (XAU) rebounded from 1307 all the way up to 1324 before retracing back to 1315 US dollars an ounce. Demand for safe haven assets increases as the tensions in Ukraine and Iraq continues.
Forex trading involves substantial risk of loss, and may not be suitable for everyone.
Click here to visit Easy-Forex.com
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