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Japanese Yen Weakness Continues; Sell-off In Apple Shares Stumps Analysts

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The US dollar broke through the decisive 90 yen level. Consumer prices in Japan fell last month and illustrates that the Bank of Japan will have a very difficult time reaching their 2% inflation target. The Bank of Japan stated this week that they will implement additional stimulus measures next January. Analysts now see that as being too late with consumer prices continuing to weaken. Japanese stocks rose after the data was released as the yen continued to weaken. The US dollar is at 90.52 yen, up 20 pips on the day. The Nikkei 225 is rallying big time and is up 218.98 points to 10,839.90. This is the longest winning streak for Japanese equities since 1973.

Apple Weakness Continues; Buy The Dip

Apple stock got absolutely hammered yesterday in US trade. The stock closed down $63.51 to $450.50. That leaves the company with a current market cap of $423 billion, or 3.08 times its cash hoard! How does a company that just made $13 billion in the quarter get killed? It’s because the momentum players are getting out. They are concerned that Apple is transitioning from a growth story to a value story. They want to see new innovative products in the pipeline and Apple hasn’t announced any for 2013.

Many traders see the bottom for Apple stock around $425. I would agree with that assessment. Binary traders need to be ready thou for when this stock turns because it will go up every hour that it trades as the buyers come back in. It will be a great opportunity for binary traders to mint money every hour trading Apple.

The company currently has a P/E of 10 and a forward P/E of 7. The stock is extremely undervalued. Be patient and wait for the turn!

Australian Stocks Rise While The Aussie Dollar Weakens

Australian stocks are continuing their rally on signs of global growth while the Aussie dollar weakens against the US dollar on signs that the US economy is gaining strength and the Australian economy is weakening. The ASX 200 is up 20.4 points to 4830.60 and the Aussie dollar is down 9 pips to 1.0442.

Economic Data On Tap For Friday

Today we will see the following data releases (all times London or GMT time):

  • 0900 German Ifo Business Climate Index 102.4 prev 103.0 forecast (Euro)
  • German Current Assessment 107.1 prev 107.2 forecast (Euro)
  • German Business Expectations 97.9 prev 99.0 forecast (Euro)
  • 0930 Great Britain GDP quarter 0.9% prev -0.1% forecast (Pound)
  • 0930 Great Britain GDP yearly 0.0% prev 0.2% forecast (Pound)
  • 1330 Canadian Core CPI month 0.0% prev -0.2% forecast (CAD $)
  • 1330 Canadian CPI month -0.2% prev -0.2% forecast (CAD $)
  • 1330 Canadian CPI yearly 0.8% prev 1.0% forecast (CAD $)
  • 1500 US New Home Sales 377k prev 385k prev (S&P 500)

These are the main news releases for today and the ones binary traders need to watch and trade. As always, be sure to check back for the lastest updates and good luck to all binary traders today!