Binary Options Daily Review August 24, 2010
Stocks:
U.S. stocks finished in the red for a third straight day as salient economic concerns weighed on the market, overshadowing excitement over a slew of recent acquisitions.
The Dow Jones Industrial Average finished down 39.21 points, or 0.4%, at 10,174.41, after gaining as much as 91 points in intraday trading. The Nasdaq Composite Index slipped 0.92% to 2,159.63 while the Standard & Poor’s 500-stock index fell 0.4% to 1067.36.
Economists are expecting the US government’s estimate of 2.4% economic growth for the second quarter to be cut to 1.2% when it is released Friday, which would represent a clear slowdown from earlier in the year.
Currencies:
While remaining in range to break lower, the USD/JPY has most recently halted its slide at 85.00 where it commenced to pull back slightly. So far, the pair is trading back up around 85.10 where it seems to be finding modest resistance to climb any higher.
After opening the week facing a 35-pip downside gap, AUD/NZD managed to regain over 70 pips on Monday. The Aussie was able to fill the opening gap and reached an intraday high at 1.2643 against the Kiwi during the European session.
However the AUD/NZD retreated somewhat and closed around 1.2600 in the last hours of trading Monday and continues to move horizontally into a tight range between 1.2574 and 1.2615 during the current Asian session.
Commodities:
Gold retreated for a third day as an advance in the dollar curbed demand for commodities, including precious metals.
Gold for immediate delivery declined 0.5 percent to $1,220.55 an ounce at 10:46 a.m. in Singapore. December-delivery futures fell 0.5 percent to $1,222.20 an ounce.
While gold is up 11% in trading this year the precious metal is expected to pare any further gains as demand for stocks, commodities and energy thin.
