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Gold Emerges as Winner from NFP, Oil is the Loser

The flat Non-Farm Payrolls was very disappointing and sent the dollar down. This was better seen in “safe havens” and less in other currencies. But with gold and oil, the outcomes are very clear.

Gold, that strengthened before the release, accelerated its moves and hit $1880. There’s still room until the all time high. Silver is following the same pattern and it managed to climb above $43.

The growing chance of QE3 in the US means more weakness of the currency and more strength for the ultimate safe havens – the precious metals.

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The big loser is the price of oil. With the world’s no. 1 economy slowing down so fast and being very close to a recession, it means less demand for the black gold.

WTI Crude Oil is down to $86 per barrel. It was close to the round $90 mark earlier in the week, on high hopes. These hopes are gone.

For more on gold and oil, see  Trading NRG.

The Canadian dollar is hit by a slowing US and also by the falling price of oil.  While Canada is a big exporter of oil, its main dependency is the economy of the United States.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.