Binary Options News: Euro at 1-week High on Oil: – Hot Picks 27th May 2011

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The Euro advanced in the binary options market to a one-week high against Dollar on Thursday as strong commodities prices and a report that China is interested in buying “bailout bonds” for Portugal spurred active stop-loss buying of the single European currency.

The market saw sizable stop-loss Euro purchases at $1.4120 and $1.4150, encouraged by a Financial Times article quoting the chief executive of the European Financial Stability Facility as saying China was “clearly interested” in buying bonds for the Portugal bailout to be issued in mid-June.
A convincing recovery in commodities prices, in which the key U.S. crude oil futures rose above $101, also spurred active broad-based corrective buying of the euro in Asian trade.
The Euro could revisit $1.42, but lingering uncertainty over debt problems in Greece and other euro-zone countries was expected to limit strong follow-through moves.
“We’ve seen the Euro test downwards recently, but I feel there are plenty of euro-buying needs as European investors would want to repatriate funds ahead of more potential stress tests in Europe,” said Hideki Amikura, a Forex Manager at Nomura Trust and Banking.
“In addition, such demand related to bailout bond buying and lingering prospects of a possible interest rate hike by the European Central Bank could prevent the euro from falling sharply,” Amikura said.
The Euro was up 0.5 percent at $1.4162 after reaching a session peak of $1.4173, it’s the highest since May 20.
The Euro gained support the previous day after Finland approved an EU/IMF bailout for Portugal, while demand from hedge funds also prompted a squeeze in euro short positions.
The Euro was refreshed by finding support at a series of technical points below $1.4000, including the 100-day moving average, now at $1.3997, and another support seen near $1.3968, a two-month low struck earlier this week.
Below that point, $1.3770 was seen as important as it is a 38.2 percent Fibonacci retracement of the euro’s rise from June 2010 to May 2011.
Dealers said strong commodities prices also encouraged investors to buy the Euro.
“We really don’t know how debt problems in Greece and other euro-zone areas will be resolved, which is negative for the euro, but for now strong oil prices are helping the single currency,” said Junya Tanase, a forex strategist at J.P. Morgan Chase Bank.
“Higher crude oil prices above $100 could be negative for the dollar, while the euro could benefit,” Tanase said.

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Binary Options News – Debt Worries Hit Euro & Stocks: – Hot Picks 24th May 2011

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Renewed worries in the Euro-zone over the weekend pulled the Euro down to a record low against the Swiss Franc, weakened risky binary options assets such as Asian stocks and boosted safe haven investments like U.S. government debt and gold on Monday.

The Euro came under renewed selling pressure after Fitch Ratings cut Greece’s debt ratings by three notches on Friday, pushing the country deeper into a bad situation, while rival Standard & Poor cut its outlook for Italy to “negative” from “stable” on Saturday.

The stream of bad news coming out of the Euro zone and the resultant weakening in U.S. stocks on Friday also took its toll on Asian stocks as waning investor appetite for risk, pushed the region’s bourses into the red and sparking a rush into safe-haven assets like government debt.

“Sustained foreign selling following U.S. stocks fall and caution about the global economic backdrop is weighing, and this is likely to continue until June,” said Bae Sung-Young, a market analyst at Hyundai Securities, adding the market still had relatively firm support at its 120-day moving average of 2,060 points.

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Silver Futures Rise After Sell-off – Hot Picks 18th May 2011

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Silver for July delivery gained 89 cents to $34.38 an ounce, after dropping 64 cents in the Tuesday session in New York to its lowest close since Feb. 25.
The gains coincided with losses for the U.S. dollar. The dollar generally moves inversely toward commodities which are priced in dollars.

Australian Shares Drop as Banks and Miners Fall- Hot Picks 17th May 2011

Australian shares dropped on Monday, with the S&P/ASX 200 index +0.73% trading down 1.3% at 4,649.00 in early action. Metal and mining companies and financials, which are leveraged to economic growth trends, were leading the market down after concerns about global growth and European sovereign debt dragged U.S. stocks to losses on Friday. Mining giant BHP Billiton Ltd +1.45%. BHP +0.53% traded down 1.8% while rival Rio Tinto Ltd fell 1.5%. In the banking sector, Westpac Corporation shares were down 1.2% and Macquarie Group Ltd fell 1.3%.

US Dollar Gains vs. Rivals in Asian Trading – Hot Picks 10th May 2011

The dollar extended its climb in Asian trading Tuesday, getting a lift — particularly against its European counterpart — from concerns about debt problems in the euro zone.

On Monday, Standard & Poor’s Ratings Services cut Greece’s long-term sovereign-credit rating to B from BB-minus. Read more on S&P downgrade of Greece.

The dollar index /quotes/comstock/11j!i:dxy0 DXY -0.05% , which measures the greenback against a basket of six currencies, rose to 74.981 from 74.710 in late North American trading on Monday.

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What Next for the Pound? – Hot Picks 9th May 2011

The pound is currently getting the better of a weak dollar while a wider interest rate gap is leaving it exposed versus the euro, giving binary options traders a valuable edge.

There was little response on the currency markets to the European Central Bank’s expected 0.25% base rate hike to 1.25% on the same day that the Bank of England left rates on hold at 0.5% for a 25th month.

But if the Bank doesn’t follow suit soon, the pound will start to lose ground against the single currency.

And that is despite more emergency bailout turbulence with Portugal finally going cap in hand to the EU/IMF fund, and fears that Spain will be next.

After recent highs near €1.20, the pound is now trading at around €1.14.

But sterling is more than holding its own against the dollar at the $1.66 mark – its best rate since December 2009.

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Australia tips more hikes – Hot Picks May 5

The Reserve Bank of Australia expects further monetary-policy tightening will be required in the future in order to keep inflation within target, sending the Australian dollar surging.

US Dollar Extends Gain Over Rivals – Hot Picks May 4

The S&P500 shows recovery trend.

Advanced Traders: In the broader sector, the Financial Select Sector SPDR exchange-traded fund, which tracks the financial stocks in the Standard & Poor’s 500 index, shaking off early weakness.

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Australia Keeps Rates At Same Level – Hot Picks May 3

Silver Plunges 12% – Hot Picks May 2

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