Currencies
- The euro (EUR) tumbled from 1.2567 all the way down to 1.2374 on Friday, while today reached a new two year low at 1.2358 against the US Dollar (USD). The single currency weakened more, after Mario Draghi stated last week that will do what is necessary in order to increase inflation. The German Ifo Business climate is due at 09:00 GMT with expectations at 103. If worse than forecasted figures comes out, then the pair may head towards lower lows.
- The US dollar (USD) climbed from 0.9562 up to its monthly high at 0.9730 against the Swiss Franc (CHF). The Franc has been depreciated as the national referendum holds on 30th of November. The Swiss National Bank (SNB) will require to hold at least 20% of its assets in gold whereas currently holds 8%. The president, Thomas Jordan, warns that this decision may hurt the economy and it will make it harder for the bank to intervene.
Equities
- The Asian Stocks advanced as China unexpectedly dropped its interest rates. The China 50 (CNX) rose up to 7909 and the India 50 (IND) climbed up to 8542.
Commodities
- WTI Crude (OIL) continues the upside and rose up to 77.80 US dollars per barrel as Iran seeks production cut as well. On Thursday, OPEC’s meeting will be held in Vienna and decision will be taken of a possible cut in production.
Mover And Shaker With Forex Options
- Gold (XAU) skyrocketed up to 1207 US dollars an ounce, as global economies expanded their monetary policies, and there is demand for gold. During the last quarter we have seen actions by the central bank of Europe, Japan and now China, expanding their stimulus measures in order to protect their economies.
- Option traders may consider buying a CALL on the XAU/USD and gain if the pair moves higher, while the risk is limited to the premium paid.
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