Currencies
- The euro (EUR) remains range bound between 1.2413 and 1.2485 against the US dollar (USD). The single currency is paused ahead of the PMI services releases across the Eurozone. Better than expected results may push the euro higher.
- The US dollar (USD) continues the downside as it reaches its one month low at 117.10 against the Japanese yen (JPY). The yen advanced as Shinzo Abe is preparing for Abenomics 2.0 in order to boost economic growth.
Equities
- Japan 225 (Nikkei) collapsed down to its 6-week low at 16693, as the yen gains ground and energy prices continues the decline.
Commodities
- WTI Crude (Oil) and Brent Oil (BRT) resume the decline as they reached new lows at 55 and 60 US dollars per barrel respectively. The energy prices continue the downside as OPEC decided to maintain its production and failed to act in order prevent further decline.
Mover And Shaker With Forex Options
- Gold (XAU) dropped almost 35 US dollars and reached its two week low at 1190 US dollars an ounce. The precious metal tumbles as Fed begins its two day meeting with main points of discussion, the timing of interest rates increase and the unexpected crash of oil prices. A hawkish tone by Fed’s officials may pave the way towards lower lows for the metal.
- Option traders may consider buying a Put on the XAU/USD and gain if the pair moves lower, while the risk is limited to the premium paid.
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