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By: Adam Stone
June 17th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Bank of England leave interest rates unchanged.

Thursday June 16th saw the Pound fall to the days lows after the Bank of England (BoE) kept its interest rates steady and issued a fresh warning about the upcoming European Union membership referendum, saying uncertainty could spill over into global markets. GBP/USD was down 0.72 percent at almost two month lows of 1.4105 from an intra day low of approximately 1.1434 ahead of the announcement. The BoE left interest rates unchanged at their record low of 0.5 percent where they have been since March 2009.

The Federal Reserve cited the Brexit (Britain exiting the EU) referendum as a factor in its decision on Wednesday to keep interest rates on hold. The US central bank lowered its forecasts for how much they expect to hike interest rates in the next few years, but indicated that it still intends to implement two rate hikes later this year.

The Pound remained lower against the strong Yen, with GBP/JPY down 2.06 percent at 147.48 after falling to lows of 146.40 earlier, the weakest level since April 2013. The Yen rose after the Bank of Japan left monetary policy on hold at the conclusion of its two day meeting on Thursday.

EUR/USD was down 0.24 percent to 1.1233, the US Dollar index which measures the USD’s strength against a trade weighted basket of six major currencies, was up 0.38 percent at 95.03.

In commodities trading, Gold for August delivery was down 0.37 percent to $1283.50 a troy ounce. Thursday also saw Oil prices hit their lowest in over three weeks, the sixth straight day of losses and longest bearish run since the early 2016 as US crude stocks fell less than expected and concerns over Britain’s future in the EU also played a significant part.

Brent crude futures (LCOc1), the global benchmark, have dropped 9 percent in just five sessions after touching an eight month high of nearly $53 a barrel a week ago.

On Thursday, the contract traded as low as $48.14, the weakest since May 24. Crude inventories fell by 933,00 barrels last week, the US Energy Information Administration reported, less than half the 2.3 million barrel decrease expected by analysts.

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for June 17th 2016

GBP/JPY: A binary Call option coincides with the trend, seen below.
GBPJPY Binary Options Insights for June 17th 2016

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for June 17th 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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