Commodities as a whole lost a lot of ground yesterday due to the growing pessimism coming from the Eurozone. There is a general election that is expected in Greece in June. This is set to change the political makeup of the country. Prior to the election, traders will keep an eye on the developments coming out of the nation. This is due to the high expectations of Greece exiting the Eurozone. Such an event could have disastrous consequences on the global economy.

Both Gold and Crude Oil fell notably during Wednesday’s trading session, as there was a lack of data supporting these 2 commodities. However, commodities have made a bullish upturn this morning. Crude Oil is trading higher by 0.47% at $93.25. Gold is up by 0.71% at $1,547.55.

There are many trading opportunities today, despite a number of European markets being closed due to bank holidays. The 2 countries which will be releasing the most economic data will be the U.S. and Canada. The unemployment and manufacturing data from the U.S. needs to be followed closely. Opening forex binary options now is required in order to make high returns today.

Today’s main events:

• 12:30 CAD  Foreign Securities Purchases – The total value of domestic stocks, bonds and money-market assets purchased by foreigners during the reported month. Demand for domestic securities and currency demand are directly linked. The figure is set to be more pessimistic than the previous result at 9.34B. This may lead to a bearish CAD during today’s trading session.

• 12:30 GMT CAD  Wholesale Sales m/m – This measures the change in the total value of sales at the wholesale level. It is a leading indicator of consumer spending. The final result is forecast to be 0.4%. Make sure to open positions in the USD/CAD forex binary option as soon as possible.

• 12:30 GMT USD  Unemployment Claims – One of the most important data releases coming out of the U.S. today is the Jobless Claims data. It measures the number of people who claimed unemployment insurance for the first time during the past week. The result is likely to drive greenback volatility today.

• 12:30 GMT USD  Treasury Sec Geithner Speaks – Investors should follow this speech closely, as Timothy Geithner’s speeches are often used to signal policy shifts to the public and to foreign governments.

• 14:00 GMT USD  Philly Fed Manufacturing Index – This is the level of a diffusion index based on surveyed manufacturers in Philadelphia. It is a leading indicator of economic health, because businesses react quickly to market conditions. The figure is expected to increase to 10.3 this time round. A result matching the forecast could push the greenback higher later today.

• 14:00 GMT USD  CB Leading Index – The index is designed to predict the direction of the economy. It is the change in the level of a composite index based on 10 economic indicators.

• 14:30 GMT USD  Natural Gas Storage – This is the change in the number of cubic feet of natural gas held in underground storage during the past week.

The U.S. dollar is trading higher this morning, as traders are of the view that the safest currency to keep their money in now is the greenback. The fact of the matter is that the European debt crisis is likely to get a lot worse. This is why the EUR/USD pair continues to dive. What’s more, even as certain countries release positive economic data, the USD has been the biggest benefactor. It seems that the European debt crisis is hanging over the markets. This is why we have witnessed a global stock market slump in recent trading days.

Commodities have also suffered due to the negative sentiment. Traders are selling Crude Oil, Gold and Copper at the moment. A big reason for the decline in commodities is due to the strong USD. This is important, as virtually all commodities are priced in U.S. Dollars.

There are many important economic events and data releases from the leading economies today. If you are someone who likes to trade forex binary options, then look to open positions in the EUR/USD, GBP/USD and EUR/GBP forex binary options this Wednesday.

Today’s main events:

08:30 GBP Claimant Count Change – The Jobless Claims data measures the change in the number of people claiming unemployment-related benefits during April. A result below the 4.9K forecast is needed to help the GBP during Tuesday’s trading session.

09:30 GMT GBP BOE Gov King Speaks – This speech is set to drive the markets today. Mervyn King’s speeches are important, as he is the head of the central bank. This means he has more influence over the GBP’s value than any other person. Open Up your GBP positions, as the trading day gets underway.

09:30 GMT GBP BOE Inflation Report – This report provides valuable insight into the bank’s view of economic conditions and inflation. The release of this report will set the value of the Pound this Wednesday.

12:30 GMT USD Building Permits – This is the annualized number of new residential building permits issued during the previous month. This is the most important economic data release coming out of the U.S. economy today. Therefore, initiate your EUR/USD positions now.

18:00 GMT USD FOMC Meeting Minutes – This is a detailed record of the FOMC’s most recent meeting. It provides in-depth insights into the economic conditions that influenced their vote on where to set interest rates. A more-hawkish-than forecast report could help drive the greenback higher today.

22:45 GMT NZD PPI Input q/q – The Producer Price Index publication is a top gauge of New Zealand’s economic health. It measures the change in the price of goods and raw materials purchased by manufacturers. As a leading indicator of consumer inflation, the result of this release will determine the strength of the NZD for the remainder of the trading week. A popular currency pair to trade as of now is the NZD/USD.

23:50 GMT JPY Prelim GDP q/q – The Gross Domestic product is the broadest measure of economic activity and the primary gauge of the Japanese economy’s health. If the result matches the 0.9% forecast, then the Yen could soar in the next several trading days.

The greenback rose to a three-month high versus the Euro due to European debt woes hurting the European single currency. The USD is making important gains this morning versus the Pound, Canadian Dollar and Swiss Franc.

The price of Oil rose yesterday, but it is set for a weekly decline of over 2.5% on increasing stockpiles. Also, as the European debt crisis is set to worsen, these losses may be extended due to lower demand expected in the future. The price of Oil is currently trading lower by over $1 at $96.06.

There are signs from the world’s leading economies that we are heading for an economic downturn. The evidence of this comes from the U.S. Eurozone, Japan, China and the U.K. This is something that the markets do not need at the moment, especially as unemployment and manufacturing data is getting worse each week.

There is a lot of economic data that is scheduled to be published in the coming hours. There will be unemployment data from the Canada and manufacturing data from the U.K. These are crucial to follow, as the results will lead to market volatility. In addition, there will be important consumer confidence data at 13:15 GMT. Open your favorite binary options now, as the trading day gets underway.

Today’s main events:

08:30 GBP PPI Input m/m – This measures the change in the price of goods and raw materials purchased by manufacturers. It is a leading indicator of consumer inflation. The release is the most important data publication coming out of the U.K. economy today, so you should make sure to pay close attention.

12:30 GMT CAD Employment Change – The release is a measurement of the change in the number of employed people during the previous month. Job creation is a top gauge of consumer spending, which accounts for a majority of overall economic activity. The figure is expected to be only 10.1K this time round, which could hurt the CAD later today.

12:30 GMT CAD Unemployment Rate – The Jobless Rate data will be highly important in determining the value of the Canadian Dollar in the coming hours of trading. It is the percentage of the total workforce that is unemployed and actively seeking employment during the previous month. A result of 7.3% or higher could lead to a bearish CAD today.

12:30 GMT USD PPI m/m – The figure is the change in the price of finished goods and services sold by producers. This is a leading indicator of consumer inflation. You will need to follow this event closely if you are a USD trader.

12:30 GMT USD Core PPI m/m – This is the change in the price of finished goods and services sold by producers, excluding food and energy. The figure is expected to decline to 0.2% in this afternoon’s reading. This may result in the USD sliding later today.

13:55 GMT USD Prelim UoM Consumer Sentiment – The publication is very important with regards to U.S. economic health. It measures the level of a composite index based on surveyed consumers. The result will set the pace for USD trading in the coming days.

Commodities

Oil Falls a Sixth Day in New York as U.S. Stockpiles Gain

Oil fell for a sixth day in New York, the longest losing streak in almost two years, after stockpiles rose in the U.S. and Saudi Arabia’s Oil Minister Ali al-Naimi said the world is oversupplied with crude.

Futures slid as much as 0.5 percent after dropping 8.6 percent in the past five days. U.S. inventories increased 7.8 million barrels last week to 378 million, the highest level since August 1990, according to data from the American Petroleum Institute. A government report today may show supplies rose 2 million barrels, according to a Bloomberg News survey. There is surplus oil in the market, al-Naimi said in Tokyo. Bloomberg

Currencies

EUR / USD – Yesterday the Euro depreciated against the US Dollar. If the low of the 7th of May around 1.2954 loses its meaning of support the rate will most likely decline even lower beneath 1.2780. The investors are quite concerned because of the elections in Greece and France. Even though no one made a statement that contradicted the European program of austerity measures there’s no certainty on the market that it wouldn’t happen.

USD / JPY – Yesterday the currency pair spent trading in the narrow boundaries of the range of 79.70 – 80.07. At the moment there’s still a risk of testing 78.50. The break below the support at 79.60 is the way of least resistance while the move up might be difficult.

GBP / USD – The Pound was depreciating against the US Dollar yesterday. The correction of the British currency might deepen to 1.5950. At the moment the currency might be purchased from any level of decline.

Market Events

Wednesday, May 9^th

02:30pm USD Crude Oil Inventories

02:45pm USD FOMC Member Pianalto Speaks

11:50pm JPY Current Account

Thursday, May 10^th

12:30pm USD Trade Balance

12:30pm USD Unemployment Claims

01:30pm USD Fed Chairman Bernanke Speaks

Friday, May 11^th

08:30am GBP PPI Input m/m

12:30pm CAD Unemployment Rate

01:55pm USD Prelim UoM Consumer Sentiment

The FTSE 100 slid 0.7% to 5,737.78 in London. The index retreated 0.5% in April, as the U.K. economy slipped into a double-dip recession. In addition, the worsening situation in the Eurozone has not helped the markets either.

This week is crunch time for the leading economies. Today will be quieter due to bank holidays in the main European countries. However, quantitative easing may yet again be on the cards at the Bank of England’s policy meeting on May 10. Also, employment and manufacturing data from the U.S. later this week is likely to drive market behavior in the coming weeks.

The Canadian Dollar fell against the U.S. Dollar after the country’s gross domestic product declined in February. This weakened the argument for raising interest rates in the near future. In addition, there was the first drop in manufacturing in 6 months, which was derived from the closing down of mines. The losses for the CAD also come due to the Spanish economy going into recession and China releasing pessimistic economic data.

The CAD fell vs. the USD on Monday. The USD/CAD pair is trading up as of now by 0.12% at C$0.9884. Despite this morning’s losses, the loonie rose 1.2% last month vs. its U.S. currency counterpart.

Stocks in the U.S. fell yesterday on Spain slipping back into recession, raising concerns about the state of the Eurozone economy. The biggest benefactors have been the USD and JPY, as traders favor these currencies when the global economy becomes unstable. With instability rocking country after country in the Eurozone, the fate of Europe and the Euro is quite unpredictable.

In the coming hours, there will be a number of important data releases from the U.K., U.S. and Japan. Opening Put options in the Dow Jones and GBP/USD binary options is highly popular today among professional binary options traders. This means you should begin opening up positions now if you are up for earning high returns during Tuesday’s trading session.

Today’s main events:

• 08:30 GBP  Manufacturing PMI – A key release from the U.K. economy today will be the Purchasing Managers’ Index. It is the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry. This is a leading indicator of economic health, which means you should follow the publication very closely.

• 14:00 GMT USD  ISM Manufacturing PMI – This is a top gauge of U.S. economic health. Above 50.0 points to industry expansion, whereas below 50.0 points to industry contraction. The figure is expected to be 53.0 vs. 53.4 in the previous reading. Make sure to open your USD positions now to profit from today’s market developments.

• 17:05 GMT CAD  BOC Gov Carney Speaks  – Bank Of Canada Governor Mark Carney is scheduled to speak at the Canadian Club, in Toronto later today. As head of the Canadian central bank, he has more power than anyone else over short term interest rates and the nation’s currency value. Therefore, it is highly recommended that you follow this speech closely.

• 23:50 GMT JPY  Monetary Base y/y – This measures the change in the total quantity of currency in circulation and current account deposits held at the Bank of Japan. An actual figure higher than the forecast could help the JPY. The figure is expected to climb to 4.1%. Open Call options now in the Yen, as the trading day gets underway.

The Japanese Yen gained vs. the Dollar, as the Japanese currency is on its way to a monthly rally. This is because of speculation that the Fed may still inject stimulus into the U.S. economy in the coming months. The Euro slid versus the majority of its peers during last week due to Standard & Poor’s downgrading Spain’s debt rating to BBB+ with a negative outlook. This is one obvious sign that the European debt crisis is spreading.

The Yen rose 1.6% to 80.27 per Dollar. At one point on Friday, the pair reached 80.22 Yen, the lowest it has been since February 28. The JPY has added 3.2% in April. The Yen advanced 1.3% to 106.40 per Euro last week. The EUR/USD pair climbed 0.25% to $1.3255 on Friday.

Commodities made impressive gains during Friday’s trading session. This was largely owed to rallies in Europe and on Wall Street. This was initiated by positive earnings data from both Europe and the U.S. This news seems to have overshadowed the fact that the U.K. has slipped into recession and the political uncertainty rocking Europe.

There are many important economic releases which are scheduled to be published today from the U.S., Europe, Canada and New Zealand. It is recommended you follow these releases closely if you are interested in profiting from the world’s leading binary options during Monday’s trading session.

Today’s main events:

•    06:00 EUR  German Retail Sales m/m – This is the most important economic event coming out of the German economy today. It measures the change in the total inflation-adjusted sales at the retail level, excluding automobiles and gas stations. This is a primary gauge of consumer spending. If the figure does turn out to be 0.7%, then we could see the Euro gain important ground in the coming hours.

•    09:00 GMT EUR  BOC CPI Flash Estimate y/y – The reason why this release is so important is due to consumer prices accounting for a majority of overall inflation. It measures the change in the price of goods and services purchased by consumers. Now is the time to open positions in the EUR/USD forex binary option.

•    12:30 GMT CAD  GDP m/m  – This is a crucial data release with regards to Canadian economic health. The Gross Domestic Product is the broadest measure of economic activity and the primary gauge of the economy’s health. It measures the change in the inflation-adjusted value of all goods and services produced by the economy. A result of 0.2% or better will surely help the Canadian Dollar in the coming hours of trading.

•    12:30 GMT USD  Personal Spending m/m – The Consumer Spending data accounts for a majority of overall economic activity. It is a primary gauge of the nation’s economic health, measuring the change in the inflation-adjusted value of all expenditures by consumers.

•    23:45 GMT NZD  Labor Cost Index q/q – This is the most important economic data release coming out of New Zealand’s economy today. It measures the change in the price businesses pay for labor, excluding overtime. It is a top indicator of consumer inflation. Start opening up your NZD/USD positions now if you want to make a lot of profit during today’s trading session.

Stocks on Wall Street climbed on Wednesday, helping the Nasdaq 100 make its biggest advance this year. This comes as Apple Inc.’s earnings nearly doubled and as Fed Chairman Ben Bernanke stated that he will do more to increase economic growth. The gains also come as earnings beat estimates and as policy makers said they expect growth to increase.

The Nasdaq 100 Index soared 2.7% to 2,709.62. The Dow Jones added 89.16 points, or 0.7%, to 13,090.72. The S&P 500 jumped 1.4% to 1,390.69. Apple added 8.9% to $610. Boeing gained 5.3% to $77.08. Coca-Cola Co. rose 1.1% to $74.93.

The price of Oil climbed during Wednesday’s trading session, as the Fed forecasts higher U.S. economic growth and due to a much weaker Dollar. Crude Oil for June delivery finished trading at the $104.12 level yesterday. The gains also come due to the likelihood that Europe will be able to tackle her debt crisis.

The forex market has been very volatile in the past few trading days. The Dollar seems to be trading lower on all fronts. This is due to a high degree of optimism being currently present in the markets. Therefore, it is understandable why traders are selling haven assets for riskier ones. This behavior will continue during the current trading day on the condition that there will be additional positive economic news from the leading economies today.

Open Call options in the Dow Jones, GBP/USD and EUR/USD binary options now if you want to make a lot of profit during today’s trading session.

Today’s main events:

• 08:30 GMT BBA Mortgage Approvals – This is a highly important data release with regards to the health of the British housing sector. It is the number of new mortgages approved for home purchase by BBA-represented banks during the previous month. The figure is set to climb to 34.3K, which could really support the Pound today.

• 10:00 GMT GBP CBI Realized Sales – This is the level of a diffusion index based on surveyed retailers and wholesalers. It is a leading indicator of consumer spending. Therefore, you are advised to follow this release closely.

• 12:30 GMT USD Unemployment Claims – The number of people who filed for unemployment insurance for the first time during the past week. An actual figure lower than the forecast is needed to push the greenback higher in the coming hours. In fact, the figure is forecasted

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U.S. Dollar Trading (USD) markets came under heavy selling pressure across the board overnight as German Official Seibert cautioned the market about expecting a final solution from this weekend’s EC Summit. Adding to this was soft earnings from US companies and we saw US stocks down over -2%. The USD did well gaining against all with the exception of the other safe haven, the Japanese Yen. In US stocks, DJIA -247 points closing at 11397, S&P -23 points closing at 1200 and NASDAQ -52 points closing at 2614. Looking ahead, September PPI forecast at 0.2% vs. 0% m/m previously. Also Fed Chief Bernanke speaks.

The Euro (EUR) was hit hard by the German comments with the overbought EUR/USD reversing from 1.3900 to 1.3750. The market was looking for a reason to correct lower after 9 days of steady gains. The market is still expected quite aggressive news from the Summit on the weekend and the price action today is a warning of what will happen if they fail to deliver. Looking ahead, October German ZEW forecast at -45 vs. -43.3 previously.

The Japanese Yen (JPY) the move above Y77 on USD/JPY was once again reversed after heavy cross selling led by the EUR/JPY. The failure of the USD/JPY to continue higher above Y77 is frustrating longs who have been patiently waiting for intervention back to Y80. Risk appetite is going to remain the key catalyst short term direction but only a change in US monetary policy seen pushing the USD/JPY out of its range.

The Sterling (GBP) hit day highs in Europe at 1.5850 before reversing with the rest of the market on the German comments. The EUR/GBP fell from 0.8770 to 0.8725 as the Euro selling outpaced the Pound. GBP/USD support is seen under 1.5700 with the recent rally being under threat if this support is broken. Looking ahead, September CPI forecast at 0.4% vs. 0.6% previously.

The Australian Dollar (AUD) The Aussie led the market on the way up and when the profit taking started the AUD/USD collapsed from 1.0370 to 1.0180 in sharp selling. The outlook is mixed with speed of the run up keeping buyers cautious to buy aggressively on dips. Looking ahead, October RBA Minutes. Chinese Q3 GDP forecast 9.2% vs. 9.5% previously.

Oil & Gold (XAU) Gold tested new month highs before reversing in the US session to $1670 as daily volatility continued. Oil tested $88 in Europe but failed to hold onto the gains before reversing back to $86 a barrel.

Pairs to watch

AUD/USD China Data to support or hurt?

USD/JPY Range Trading Y76.50 to Y77.50 to continue?

TECHNICAL COMMENTARY

Euro – 1.3750                    

Initial support at 1.3685 (Oct 13 low) followed by 1.3566 (Oct 11 low). Initial resistance is now located at 1.3937 (Sept 15 high) followed by 1.4013 (61.8% retrace of 1.4549-1.3146)

Yen – 76.80

Initial support is located at 76.31 (Oct 12 low) followed by 75.95 (Aug 19 low). Initial resistance is now at 77.86 (Sep 9 high) followed by 78.60 (61.8% retrace of 80.24-75.95).

Pound – 1.5750                                                        

Initial support at 1.5722 (Oct 14 low) followed by 1.5667 (Oct 13 low). Initial resistance is now at 1.5869 (Sept 15 high) followed by 1.5991 (Sep 9 low).

Australian Dollar – 1.0180

Initial support at 1.0102 (Oct 13 low) followed by the 0.9866 (Oct 12 low). Initial resistance is now at 1.0372 (Oct 17 high) followed by 1.0440 (76.4% retrace of 1.0765-0.9388).

Gold – 1675

Initial support at 1654 (Oct 11 low) followed by 1627 (Oct 7 low). Initial resistance is now at 1704 (Aug 25 high) followed by 1726 (50% retrace of 1921.15-1532.72).

Oil – 86.25

Initial support at 85.00 (Intraday Support) followed by 83.00 (Intraday Support). Initial resistance is now at  88.00 (Intraday resistance) followed by 90.00 (Intraday Resistance).