Crude Oil Climbs for the First Time in 3 Days!
The price of Crude Oil has risen for the first time in 3 days, as the commodity has been oversold this week. It is currently trading higher by 0.46% at $103.19. This is despite Oil trading lower during Asian trading hours. The losses in recent days have been due to a series of negative economic data from the U.S. economy. The ongoing European debt crisis continues to hurt commodities. In addition, the USD was trading higher recently, pushing down the price of Oil. The black gold is set to make further gains in the coming hours, as traders realize there are some decent profits to be made this Friday.
Since the beginning of the Asian trading session, the price of Gold has risen notably. Gold is up by around $5 this morning at $1,645 an ounce due to investors being of the view that the commodity could hit $1,650 in the coming hours. The latest gains for Gold are much needed, because the commodity has been quite bearish as of late. A rally in the financial markets could allow Gold the leeway it needs to beat analysts’ expectations in the coming hours.
The Australian Dollar and the New Zealand Dollar have declined this week versus their major peers. This comes on the concern that European leaders are failing to contain the debt crisis. Demand for the Aussie was lower today, as a report showed that export prices fell in the first quarter of the year.
The AUD/USD forex binary option is expected to rise today, as analysts state that the pair has bottomed out. With this in mind, open Call options in the AUD/USD to make gains to your portfolio this Friday
• 08:00 GMT EUR German Ifo Business Climate – The publication is expected to be highly important in connection to the strength of the German and European economies. The release needs to be highly optimistic in order to push the Euro higher during Friday’s trading session.
• 08:30 GMT GBP Retail Sales m/m – This is a primary gauge of consumer spending for the U.K. economy. It measures the change in the total value of inflation-adjusted sales at the retail level. The figure is expected to be 0.4% in the coming hours. Such a result would surely help the GBP, as end-of-week trading gets underway.
• 12:30 GMT CAD Core CPI m/m – The release is crucial, as consumer prices account for a majority of overall inflation. To be more precise, the Consumer Price Index is a measurement of the change in the price of goods and services purchased by consumers (excluding the 8 most volatile items). Make sure to follow this release if you commonly trade the Canadian Dollar.
• Day 1 All IMF Meetings – The IMF meetings will be attended by the heads of the World Bank and the IMF. Numerous global economic issues are expected to be discussed in Washington DC. The comments and the statements are expected to drive market volatility throughout the trading day. This is the perfect opportunity for you to earn desirable returns from the leading assets, including the EUR/USD pair and the top commodities.
• Day 2 All G20 Meetings – This is the second day of the G20 meetings, which you are strongly advised to follow closely. The meetings are attended by the central bankers and finance ministers from the world’s most industrialized economies. The initiative and polices from the meetings are expected to have a strong impact on the currency markets. If you are someone who likes to stay up to date with the latest economic events, the G20 meetings is one of the events you should pay attention to today.