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By: Adam Stone
May 20th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Federal Reserve interest rate indications weigh heavily on world markets.

Demand for the Dollar continued to be underpinned after the Minutes of the Federal Reserve’s April meeting indicated that interest rates could rise as soon as next month. This increasing possibility of a June rate hike lifted the Dollar to a seven week high against its major counterparts.

The US dollar index – which measures the strength of the USD against a trade-weighted basket of six major currencies – hit 95.33, the most since March 29 and was last at 95.15. USD dipped against the Yen but held a near three week high of 110.38, struck overnight, while the Euro traded near 1.1220 after falling to 1.1206, its lowest since late March.

US stock futures pointed to a lower open on Thursday as market players scrambled to factor in the possibility of another interest rate increase by the FED next month. European stock markets fell sharply as declining oil prices affected the energy sector and the news from the Federal Reserve weighted heavily.

Asian shares closed mostly lower as many investors grew cautious about the strong chance of US interest rate increases.

Oil prices were under intense selling pressure on Thursday and pulled back from the previous session’s seven month highs, a broadly stronger Dollar and an unexpected rise in US crude inventories triggered selling. US crude was down $1.00 / 2.08 percent to $47.19 a barrel, while Brent dropped $1.17 / 2.39 percent at $47.76. The US Energy Information Administration said in its weekly report that crude oil inventories unexpectedly rose by 1.31 million barrels last week to 541.3 million. Market analysts had expected a crude stock decline of 2.833 million barrels.

Gold futures sank to a three week low on Thursday following the news regarding the likely rate hikes from the FED. The metal is sensitive to moves in US rates as a rise would lift the opportunity cost of holding non-yielding assets such as bullion. Gold was down $19.20 / 1.5 percent to $1255.25 a troy ounce during morning hours in New York. A stronger Dollar reduces demand for raw materials as an alternative investment and makes dollar priced commodities more expensive for holders of other currencies.

The British Pound extended early gains against the Dollar and the Euro on Thursday after data showing that UK retail sales jumped in April. GBP/USD was up 0.32 percent at 1.4645 from around 1.4626 ahead of the report. The Pound rose to its highest level in almost four months against the Euro, with EUR/GBP down 0.3 percent to 0.7661.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for May 20th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for May 20th 2016

EUR/GBP: A binary Call option coincides with the trend, seen below.
EURGBP Binary Options Insights for May 20th 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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