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By: Adam Stone
June 14th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Sterling falls against the Dollar and The Yen, UK referendum fears take hold.

Monday saw US equities lower at the close as losses in the Basic Materials, Technology and Consumer Goods sectors propelled shares lower. At the close in the NYSE, the Dow Jones Industrial Average fell 0.74 percent, while the S&P500 index lost 0.81 percent and the NASDAQ Composite index lost 0.94 percent.

In commodities trading, Gold for August delivery was up 0.89 percent to $1287.25 a troy ounce. EUR/USD was up 0.36 percent to 1.1293, while USD/JPY fell 0.76 percent to 106.19. The US Dollar index was down 0.22 percent at 94.42.

The Pound fell to two month lows against the Dollar on Monday and hit multi-year lows against the stronger Yen as worries over the UK referendum on European Union membership next week took hold. GBP/USD was down 0.49 percent at 1.4185, the weakest level since April 18.

Sterling has sold off in recent sessions amid fears that a UK exit (Brexit) from the EU in the June 23 referendum could trigger a period of uncertainty in financial markets and hit growth in the region. An opinion poll on Friday conducted by ORB International put support for a Brexit at 53 percent against 47 percent for remaining. The Pound hit two month lows against the Euro with EUR/GBP advancing 0.62 percent to 0.7941.

Oil prices fell on Monday, aided in part by downcast economic prospects in Europe and Asia and the related strengthening in the US Dollar, which makes fuel imports for countries using other currencies more expensive. The softening comes a week after crude prices hit 2016 highs on the back of a quicker than expected rebalancing in physical oil markets. Brent crude oil futures (LCOc1) fell to $50.03 per barrel, down 51 cents, after trading as low as $49.80. US crude (CLc1) was down 61 cents at $48.46 a barrel.

On Monday, the European Central Bank said the fall in oil prices over the past two years would add less to global growth than earlier thought and the overall impact could even be negative. Oil traders have already sold out of long positions that have profited from an almost doubling in crude prices since hitting decade lows earlier this year. Despite this, many analysts expect oil demand in Asia and in particular China to remain strong.

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for June 14th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for June 14th 2016

EUR/GBP: A binary Call option coincides with the trend, seen below.
EUGBP Binary Options Insights for June 14th 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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