Currencies
- The EUR/USD slid lower finding new support at 1.37535 against the US dollar (USD). The pair may be tested this afternoon as the ECB will announce its interest rate followed by the ECB press conference.
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The US dollar (USD) remains bullish against the Japanese Yen. The pair has moved higher and is currently trading at 103.94. Investors are looking at today’s US unemployment data release for hints on the future of the Fed’s policy.
Equities
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European equities are moving higher with the Germany 30 (DAX) trading above 9663, the UK 100 (FTSE 100) above 6617.8 and the France 40 (CAC) touching resistance at 4432.8.
Commodities
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London Wheat prices continue to slide as rainfall was more than sufficient in the US and Australia, some of the world’s largest producers. Wheat prices fell to 668.75 cents per bushel as markets expect adequate supply to hit the market.
Mover & Shaker with FX Options
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Gold gained ground yesterday as investors flock into the precious metal. Rising from 1277.90 to 1293.26, gold has found strong resistance at that level.
- 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.
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