Binary Options News : October 29, 2012

US Growth Data Continues to Boost Markets

Asian markets opened last night, still feeling the afterglow of Friday’s release of better than expected GDP figures in the US. Asian stocks were down after initially opening higher but the USD and commodities enjoyed gains to start the trading week.

Trading volumes were much lower across the US as the U.S. financial regulator cancelled all stock trading to try and protect workers as Hurricane Sandy headed towards New York City. The last time the NYSE altered and cut its trading hours due to the weather was on the 8th January, 1996, when a blizzard dropped more than 20 inches of snow on New York.

Stocks

Asian stocks started promisingly, making gains on the back of the renewed optimism brought about by Friday’s US GDP figures. The economy in the US expanded 2.0% for the third quarter, up from 1.3% in the previous quarter and beating the forecast 1.9% economic growth.

Trading volume on the Nikkei 225 was 21% down from its 30 day average for whilst trading on Australia’s S&P/ASX 200 was 41% down from its average. Hong Kong’s Hang Seng Index was down 0.19%, Australia’s S&P/ASX200 gained 0.10%, whilst Japan’s Nikkei 225 Index declined 0.06%.

Currencies

The USD enjoyed gains in early Asian trading with Friday’s figures encouraging enough to send investors to the greenback as a safe haven. The USD was up against most major currencies – up 0.09% against the EUR, up 0.15% against the GBP, up 0.03% against the JPY, up 0.05% against the CHF, up 0.19% against the AUD and finally, up 0.17% against the CAD.

Commodities

Despite a strengthened USD, there were gains in the precious metals markets with Gold up on hopes the central banks of the world will loosen already very loose monetary policies if the global economy does not continue to pick up. Gold gained 0.21% in Asian trading and Silver advanced 0.31%.

Today’s Outlook

The lower than average volume of trading should not impair the Binary trader’s ability to generate profit today. As proven in Asian trading, volatility is still high and with a busy day ahead on the economic calendar, there is plenty of movement ahead. YoY Spanish retail sales start the day, with declines expected. British mortgage figures are followed by German CPI data. Spending figures in the US are released later in the day followed by Japanese household spending and unemployment data in the night.

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