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By: Adam Stone
June 9th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Commodities rally on the weaker Dollar, Sterling gains help back by referendum fears.

After the close on Tuesday June 7th, the World Bank cut its global growth output forecast to 2.4 percent in 2016, from the previous 2.9 percent, due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminished capital flows.

In the US, a steep decline in energy sector investment and weaker exports will shave eight tenths of a percentage point from the World Bank’s 2016 forecast, bringing growth to 1.9 percent.
Wednesday saw The Dollar at five week lows against the other major currencies as markets continued to adjust to diminished expectations for a near term rate hike by the Federal Reserve.

Commodities rallied on the weaker Dollar, and crude oil futures hit fresh 2016 highs on persistent worries regarding supply outages. The weaker Dollar boosted copper and gold prices, while aluminium climbed to its highest level in a month.

The US Dollar index was down 0.11 percent at 93.75, the lowest level since May 5th. EUR/USD was up 0.33 percent to 1.1396 , while USD/JPY fell 0.31 percent to 107.03.
Crude oil futures rose on Wednesday, hitting 2016 highs above $50 a barrel and settling up for a third straight day on worries about sabotage of oil facilities in Nigeria, although a build in US gasoline stocks amid peak summer demand could pressure prices.

US crude stocks fell for a third consecutive week, sliding by 3.2 million barrels compared to the analysts expected 2.7 million according to government data. Gasoline inventories, as mentioned, grew by 1 million barrels and distillates, including diesel and heating oil, rose by 1.8 million barrels, against the forecast drawdowns.

The British Pound touched the days highs against the Dollar on Wednesday after data showing that UK industrial output rose at the quickest rate in almost 4 years in April. GBP/USD struck highs of 1.4579 right after the release of the data, before retracting to 1.4531. The Pound’s gains were held in check in part by the ongoing uncertainty over whether Britain will remain in the European Union or not at the referendum on June 23.

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for June 9th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for June 9th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for June 9th 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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