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By: Adam Stone
May 12th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Canadian oil producers restart closed facilities, Oil markets extend gain.

European and US stocks lost ground on Wednesday May 11th amid disappointing corporate earnings. The US dollar dropped 0.5 percent against a basket of currencies after rallying for six consecutive days as investors looked to book profits. The Yen bounced back 0.7 percent against the dollar stopping recent declines against the USD as Japan has continually stated willingness to intervene on its strong currency.

Oil prices gave back some gains on Wednesday, amid speculation weekly supply data will show US crude inventories rose to a record high last week. Canadian oil companies began restarting production which had been halted by wildfires in the Alberta region. US crude was down 36 cents or 0.81 percent to $44.30 a barrel while Brent dipped 16 cents or 0.35 percent at $45.36.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that US oil inventories rose by 3.5 million barrels in the week ended May 6. US stock futures pointed to a lower open on Wednesday as market players kept a keen eye on movements in the oil market while awaiting a number of key earning reports that may shed light on the health of the US consumer.

European stock markets traded lower for the first time in three sessions dragged down by weakness in the banking sector, as sentiment was curbed by lower oil prices and a slew of disappointing corporate earnings.

Earlier, shares in Asia closed mostly lower as the Yen nudged higher against the dollar and oil prices retreated.

Gold futures rallied nearly $10 or 1 percent to $1,276.10 a troy ounce on Wednesday after falling to the lowest level in nearly two weeks overnight, as weakness in the US dollar boosted the appeal of the metal. Dollar weakness usually benefits gold as it boosts the metal’s appeal as an alternative asset and makes dollar priced commodities cheaper for holders of other currencies.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for May 12th 2016

EUR/JPY: A binary Call option coincides with the trend, seen below.
EURJPY Binary Options Insights for May 12th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for May 12th 2016

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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