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By: Adam Stone
May 30th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Dollar spikes, Gold prices fall

The Dollar rose to two month highs against the other major currencies on Friday after Federal Reserve Chair Janet Yellen said US interest rates could rise in the coming months and after data showing US first quarter growth was revised upward. The Dollar was already broadly higher ahead of Yellen’s remarks.

The Euro fell to the lowest level since mid march against the Dollar, with EUR/USD down 0.71 percent at 1.1115 late Friday. The Yen was also lower against the Dollar with USD/JPY advancing 0.54 percent to 110.35, not far from the three week peaks of 110.58 reached on Friday May 20.

The US Dollar Index touched highs of 95.77, the most since March 29, before settling at 95.73, up 0.62 percent for the day.

Gold prices dropped to a three month low on Friday, as the Dollar spiked following Janet Yellen’s remarks on the likely rate hikes to come.

Oil futures ended lower on Friday, but still posted a third consecutive week of gains amid mounting concerns over global supply disruptions.

A poll released on Sunday showed nine out of ten of Britain’s top economists working in London’s City financial district, small business and academia believe the British economy will be harmed if Britain leaves the European Union. Conversely, those campaigning to leave the EU say Britain would be freed from regulation and red tape if it left the EU, enabling it to negotiate its own trade deals without having to please 27 other countries. In a statement, British Prime Minister David Cameron said “This poll confirms the overwhelming view of economists – leaving the EU would damage our economy, costing jobs and increasing prices”.

Japan is to release data on retail sales on Monday, while markets in the UK will be closed for the May Bank Holiday and US financial markets will be closed for the Memorial Day holiday.

Investors will be focused on Friday’s US nonfarm payrolls report for May to gauge if the worlds largest economy is strong enough to withstand further rate hikes in 2016.

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for May 30th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for May 30th 2016

EUR/GBP: A binary Put option coincides with the trend, seen below.
EURGBP Binary Options Insights for May 30th 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.
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