Currencies
- The euro (EUR) fell down to 1.3583 on Friday against the US dollar (USD), while US had a Bank Holiday. Euro continues its bearish trend at one-week lows and could stay under pressure after the European Central Bank officially emphasized the need for interest rates to remain low for longer period.
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The US dollar (USD) dropped from its two week high at 102.26 down to 101.96 against the Japanese yen (JPY). The pair rose today on Tokyo opening but it started retracing. Tonight the Japanese Current Account data will be announced with expected value to be at 0.17 Trillion.
Equities
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US equities looks that are retracing from their highs as the dollar strengthen. The US500 (SPI) trades around 1975, the US30 (DOW) around 16964 and the USTech (NDQ) at 3912.
Commodities
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Corn (CRN) crashed down to 409 US cents per bushel and recorded its six month high, as corn stubbles are big and managed to move the price of the commodity lower.
Mover & Shaker with FX Options
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Gold (XAU) edging lower while is now trading near US dollars an ounce, as the US Non-Farm Payrolls started to have late impact on the metal. Investors are looking for riskier assets and not for the safe haven.
- Option traders may consider constructing a Back Spread Strategy with Puts on the XAUUSD and gain if the pair moves lower, while the risk is limited to the premium paid.
- A Back Spread Strategy with Puts can be constructed by selling an at the money Put while buying an out of the money Put at double amount.
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