The euro (EUR) remains on a bullish trend albeit volatile. The single currency has climbed to 1.3830 against the dollar in early trading.
The US dollar (USD) continues to slide against the Japanese yen (JPY) as the pair has fallen below 102.09 before correcting somewhat to 102.31. Investors are looking ahead at today’s consumer sentiment release.
Equities
Swiss stocks came under pressure pushing the Swiss 20 (SWI) index lower. The index tracking 20 of the largest Swiss corporation like Nestle and Credit Suisse touched a low of 8304 yesterday before correcting to 8359.
Commodities
Copper (CPR) hit a 7 week high, touching 3.12 cents per pound as firm demand from China helps push prices for the commodity higher.
Mover & Shaker with FX Options
Gold (XAU) slid over the week falling from 1326.20 to 1269.45 over the past weeks before correcting somewhat higher to 1293.46.
In the medium term, gold may continue its bearish trend and options traders may consider constructing a Bear Put Spread on XAUUSD.
A bear put spread can be constructed by purchasing an at-the-money Put and selling an out-of-the-money Put.
