Commodities are rising due to the tensions in Ukraine


Currencies

  • The euro (EUR) opened 40 pips lower against the US dollar (USD) this weekly trading session and is now trading around the level of 1.3850. The president of the ECB, Mario Draghi, stated in the weekend meetings that the strength of euro indicates further monetary stimulus.
  • The Canadian dollar (CAD) rebounded from its three month low at 1.0856 all the way up to 1.0991 against the US dollar (USD) during the last week. The loonie completed its rally and looking ahead on the calendar the monthly US Retail Sales will be released at 12:30 GMT.

Equities

  • The US stocks moved lower with the US 30 (DOW) dropped down to 15858 and the US 500 (SPI) down to its two month low at 1802.

Commodities

  • Wheat (WHT) skyrocketed from its low at 656.20 all the way up to 674.14 US dollars per bushel. The commodity rose due to the tensions in Ukraine spur concern that the supply may be disrupted 

Mover & Shaker with FX Options

  • Gold (XAU) rose almost 100 pips from the opening of the Asian session and climbed up to 1328 US dollar an ounce. The precious metal remains bullish on speculation that the Fed may taper with a slower pace than anticipated and the tensions in Ukraine boost demand for haven assets.

  • Gold may continue its bullish momentum in the near term and options traders may consider constructing a Bull Call Spread on XAUUSD.
  • 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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