Good morning traders,
Following yesterday’s mention of the Eurogroup meeting to finding a solution to the Greek debt, this may shed some light on the Euro (EUR). However, this is not the case. Germany, as well as the chairman of the Eurogroup, are not aiming toward a swift debt recovery plan. Should there be any changes in the Euro (EUR) today this will really be on a short term basis. The pair EUR / USD have surprisingly held up in a short term (1hour trade) with this being the triangle pattern, and the difficulty is in predicting a breakthrough in advance in this market situation.
The second factor that will influence the Euro (EUR) and obviously that of the GBP, will be the Bank of England’s (BOE) delivery of the first Quarterly Inflation Report which will be held today. The economic world today is focused on the risk of deflation and the rapidly decreasing rate of the oil price. There is some good news that could very well follow the report after all for the GBP. Back in August of 2014, the Great British Pound (GBP) had come in lower than expected by the BOE. The PMI over compensated in its growth as well as the consumer confidence rose in January to its highest levels since august. This is why there is a more positive outlook on the GBP this time round.
Continuing in the good news from the royal empire – the Wage Growth rate in November suggested that wages increased as well by 1.8%, which proposes that a stronger labor market is emerging. Thus, could be another indicator for the GBP making a move upward.
The Australian Dollar (AUD) has further decreased, even though, a very positive home loans figure had been reported. The only way for the AUD to see a recovery at this stage is probably to see investor credit tightening in the very near future.
Back to Silver, the precious metal that we have been tailing for a while now. This has begun a rapid downward trend. The latest levels could be a good thing for traders to regain momentum while the price of silver declines. Silver has declined quite rapidly and this could diminish all their gains from a few weeks ago. The strong readings from the NFP (Nonfarm payroll), have not been in the precious metals favor. Nonetheless, a downward trend will mark a recovery period for the investor for the time being.
Today’s Binary Options Trading Tip by Whyoptions.com:
GBP / USD has already broken 1.5274 – the high from Jan the 6th it is really possible that this pair will ride the bull market after today’s announced report. PUT will be where my investment is at on Silver today.
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