Binary Options News : January 29, 2013
The British Pound came rallied slightly in Asian trading, up 0.06% at time of writing (5.53am GMT) after hitting new lows in yesterdays trading. The British pound dropped to a 13 month low against the euro and 5 month low against the U.S. dollar as investors continued to ditch the GBP on concerns that the Bank of England could ease monetary policy again over the next few months.
generally the Asian markets traded higher as traders were encouraged by additional signs that the U.S. economy is recovering. The Commerce Department in the US announced that durable goods orders rose 4.6% last month and core durable goods orders increased 0.2%. Meanwhile, The National Association of Realtors said its index for pending home sales fell 4.3% in December from November to 101.7 which is still almost 7% higher than the December 2011 reading.
The Euro continued a gentle decline from yesterday when a report published by the European Central Bank said M3 money supply in the single currency bloc rose at annualized rate of 3.3% in December, below expectations for a 3.9% increase. M3 money supply in the euro zone rose 3.8% in the previous month.
Asian stocks were generally higher ion overnight trading, gaining the most in over a week as reports signaled improving business confidence in the region and orders for U.S. durable goods topped estimates. Japan’s Nikkei 225 closed 0.62% higher. Australia’s S&P/ASX 200 Index added 1.1% after the market there reopened following a three-day weekend. South Korea’s Kospi jumped 0.84% after the index of manufacturing expectations for February rose to 72 from 70 in January.
commodities traded higher as signs of economic recovery in the world’s largest economy – the US – boosted demand for Copper – up 0.51% and Crude Oil – up 0.41% The sell off in Natural Gas continues, falling 0.7% in Asian trading. Gold and Silver both saw gains with Gold rising 0.52% and Silver rising 1.01%.
The currency markets did not see the large fluctuations that were seen in the stock and commodity markets. The largest mover was the AUD/USD – up 0.24% as Australia’s business confidence index climbed to 3 last month from negative 9 in the previous month.
With no U.K. economic reports, scheduled for release today, the downtrend in the GBP should remain intact. An expected increase in the Gfk German Consumer Climate may well provide a boost to the Euro. Later on in the day Gas and Oil stock inventory figures will be released in the with a fall expected in the Oil stocks but a rise in Gas stocks.
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