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By: Adam Stone
June 3rd, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Pound moves higher against the Dollar, OPEC fail to reach agreement.

OPEC failed to agree on a clear oil output strategy this Thursday June 2nd as Iran insisted on steeply raising its production, though Tehran’s main rival Saudi Arabia promised not to flood the market and sought to mend fences within the organisation. After the OPEC meeting, Brent prices were down 1.5 percent at $49 a barrel, but later rallied on data showing a weekly decline in US crude stockpiles. Brent eventually settled above $50 a barrel for the first time in seven months, with the drawdown in US stockpiles offsetting OPEC’s failure to set a ceiling for output.

US equities were higher at the close on Thursday as gains in the Telecoms, Healthcare and Consumer Services sectors propelled shares higher. At the close in NYSE the Dow Jones Industrial Average rose 0.27 percent, while the S&P500 index gained 0.28 percent and the NASDAQ Composite index climbed 0.39 percent.

EUR/USD was down 0.35 percent to 1.1150, while USD/JPY fell 0.58 percent to 108.91.

The Pound moved higher against the Dollar on Thursday as doubts over a near term US rate hike hit the USD, Sterling’s gains were kept in check however after disappointing UK construction sector data was released. GBP/USD was up 0.16 percent at 1.4436, below session highs of 1.4467.

Investors turned their attention to Friday’s US nonfarm payrolls report for May for fresh indications on the strength of the labor market. US central bank chief Janet Yellen said last week it could be appropriate to raise rates in the coming months if the economy and the labor market continue to pick up as expected, fueling expectations for a near term rate hike. The FED hiked interest rates in December for the first time in almost a decade. Higher rates are positive for the Dollar because they make the US currency more attractive to non yield seeking Investors.

Sterling was also flat against the Euro, with EUR/GBP at 0.7763.

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for June 3rd 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for June 3rd 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for June 3rd 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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