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By: Adam Stone
May 24th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Iran to continue oil production, Bank of Japan under increasing pressure.

Monday saw US equities lower at the close with losses in the Utilities, Consumer services and Telecom sectors driving shares down. In Commodities trading, Gold for June delivery was down 0.26 percent to $1249.60 a troy ounce. The US Dollar held at its highest level in almost two months on Monday as markets continued to factor in the increasing chance of yet another interest rate hike by the Federal Reserve as early as June.

British Prime Minister David Cameron, on Monday presented a finance ministry report warning of recession, a tumble in the Pound and 500,000 job losses if Britain votes to leave the EU, saying it would be economic self-destruction for Britain.

Economic activity in the Euro zone fell to a 16 month low in May, highlighting concerns over the health of the region’s economy according to preliminary data released on Monday. EUR/USD was down 0.06 percent to 1.1216.

Brent oil prices fell for a fourth consecutive session on Monday following Iran’s insistence that it will not freeze crude output, returning investor attention to excess global supply. Iran’s Deputy Oil Minister told Iran’s Mehr news agency on Sunday the country had no intention of halting a rise in oil production and exports. He went on to say Iranian crude exports, not including gas condensates, were at 2 million barrels per day and will reach 2.2 million per day by the middle of summer.

Meanwhile, Goldman Sachs said in a research report on Monday that it expected shale productivity gains through 2020, which will push average break-evens for shale plays below $50 per barrel for US crude. Crude oil for delivery in July fell 0.64 percent to hit $48.10 a barrel, while the July Brent oil contract fell 0.72 percent to trade at $48.37 a barrel.

Data released showed that Japan posted a far larger than forecast trade surplus in April as exports fell at the fastest rate in three months. The Nation’s trade surplus for April came in at 823.5 Billion Yen, far above the forecast 493 Billion Yen. Exports declined 10.1 percent on a year over year basis, with imports falling 23.3 percent, showing weakness in domestic demand.

A separate report showed that Japanese factory activity shrank at the quickest pace in over three years in May as new orders dropped. This downbeat data adds pressure to the Bank of Japan to step up measures to spur growth. USD/JPY fell 0.78 percent to 109.27.

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for May 24th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for May 24th 2016

EUR/GBP: A binary Put option coincides with the trend, seen below.
EURGBP Binary Options Insights for May 24th 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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