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By: Adam Stone
June 6th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Dismal nonfarm payroll data has knock on effect.

On Friday June 3rd, the Dollar dropped to three week lows against its major peers following the release of a weaker than expected US jobs report for May. The report poured cold water on expectations for a near term rate hike from the Federal Reserve. The US dollar index, which measures the currency’s strength against a trade weighted basket of six major currencies, was down 1.74 percent on Friday, the weakest level since Thursday May 12th. The index ended the week down 1.54 percent.

The Labor department had reported earlier on Friday that the US economy added just 38,000 jobs last month, the smallest increase since September 2010. Economists has forecast that payrolls would increase by almost 165,000. April’s number was revised down to 123,000 from an earlier estimate of 160,000. The unemployment rate fell to 4.7 percent from 5 percent in April as more people dropped out of the labor force. The weak data cast doubts over the prospects for a rate hike by the Fed in the coming months and sparked renewed concerns over slowing global growth.

The dollar had risen strongly against the other major currencies in May after Fed Chair Janet Yellen and other central bank officials indicated that the economy was on a strong enough footing to support higher interest rates. Higher rates are positive for the dollar because they make the US currency more attractive to yield seeking investors.

The Dollar dropped more than 2 percent against the Yen, with USD/JPY down 2.15 percent at 106.53, late on Friday, The currency pair posting a weekly loss of 3.84 percent.
The Euro jumped higher, with EUR/USD advancing 1.91 percent to 1.1366, the biggest one day gain since December 3.

The British Pound also gained ground, with GBP/USD rising 0.73 percent to 1.4528, but gains were held in check by uncertainty regarding the June 23 referendum on Britain’s European Union Membership.

Oil futures ended lower on Friday after data showed the US oil rig count rose for the first time in 11 weeks last week, which only added to concerns over growing supplies.

Gold prices leapt more than 2 percent on Friday, its largest one day gain in almost 3 months, as the USD plunged following the release of dismal nonfarm payrolls data.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for June 6th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for June 6th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for June 6th 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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