Market Update: EUR/USD Down Ahead of EU Summit
Posted by andrew on Monday, January 30, 2012 · Leave a Comment
Dear Traders,
The EUR/USD and European stock futures were off ahead of Europe’s first Summit of 2012 today in Brussels, and binary options traders are getting ready to place their positions.
While surprises could be in the works as the trading day unfolds (keep an eye out for our Trade Alerts), here’s two really simple ideas to trade the Summit:
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- Forex Binary Options
If you believe the EUR/USD will continue to fall below its recent peak of 1.32, you would buy PUT options on the pair. At the moment, negative sentiment in the market is pulling the pair down.
- Gold Binary Options
If you believe Gold prices will rise on the Summit news, you would buy CALL options on the commodity. Gold tends to rally during periods of uncertainty. Gold is trading at 1,727 at the moment, having climbed nearly 100 points over the last few days.
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Trade Alert for US Consumer Spending – 1:30pm GMT
The expectations are for 0.2% annualized growth, a slight uptick from previous 0.1% reading. If the figure is greater than expected, the US dollar should rise against its peers.
Why is it important?
Released monthly, consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.
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