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By: Adam Stone
June 15th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

British referendum has far reaching effect.

Sterling dropped to two month lows against the Dollar on Tuesday following an opinion poll by the TNS polling company pointing to a “significant lead” for the leave campaign ahead of the UK European Union Membership referendum. GBP/USD was down 1.03 percent, the weakest level since April 14. The TNS poll showed that the Leave campaign help 47 percent of the vote compared to 40 percent for the Remain side. Undecided voters held 13 percent. The poll came after a number of recent polls showing that the EU referendum race is tightening ahead of the June 23 vote.

Market sentiment has been hit by fears over the prospect of a British exit (Brexit) from the EU, sending investors running to buy safe haven assets. Investors fear that a Brexit could trigger a period of uncertainty in financial markets and tip the EU into a recession.

Japan’s Financial Minister Taro Aso reiterated a warning on Tuesday, against fresh strength in the Yen, saying officials would “firmly respond” to prevent speculative moves in the foreign exchange market from persisting. Aso also said he would closely watch the Brexit referendum next week, given its potential to disrupt global financial markets.

The Yen pulled back from six week highs against the Dollar, with USD/JPY down 0.23 percent at 106.00 at the last.

The Dollar found some support after data showing that US retail sales rose more than expected in May, boosting the outlook for a second quarter growth. US retail sales rose 0.5 percent last month, the Commerce Department said, after surging 1.3 percent in April. Economists had forecast a more modest 0.3 percent increase.

The Euro was sharply lower against the Dollar, with EUR/USD down 0.89 percent at 1.1191.

Oil fell on Tuesday as investors fears over next weeks British referendum swept financial markets eclipsing signs of a return to health for crude prices. Perceived safe haven assets such as the Swiss Franc rallied, while industrial commodities and equity markets, seen as more vulnerable to economic risk, fell after polls showed Britain’s Leave campaign leading before the referendum.

This overshadowed a more upbeat forecast for oil demand growth from the International Energy Agency, which said the oil market is essentially balanced after two years of surpluses. Brent crude oil futures (LCOc1) fell by 69 cents to $49.66 a barrel, dropping for a fourth day in a row, while US crude futures (CLc1) lost 77 cents to $48.11 a barrel.

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for June 15th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for June 15th 2016

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for June 15th 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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