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By: Adam Stone
June 20th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

The week ahead.

Friday saw the Pound rise against the Dollar as fears over the upcoming UK referendum on European Union membership subsided as campaigning was suspended following the killing of a pro-EU British politician.

GBP/USD was up 1.09 percent late Friday, recovering from the two month trough of 1.4011 set on Thursday. The Pound had tumbled earlier in the week amid fears that the vote to leave the EU would cause turmoil in global financial markets.

Sterling also gained ground against the Euro, with EUR/GBP down 0.65 percent at 0.7852 late Friday. USD/JPY rose to the day’s highs on Friday after Japanese Finance Minister Tar Aso warned that Tokyo is ready to take action against “one sided, sharp and speculation driven” gains in the Yen.

The remarks came one day after the Bank of Japan left monetary policy on hold, sending the Yen surging to two year highs against the Dollar. The Dollar ended slightly lower against the Yen, with USD/JPY at 104.11.

Federal Reserve Chair Janet Yellen is due to deliver her semi annual monetary policy testimony on the economy before Senate and House committees in Washington DC this coming Tuesday and Wednesday.

Little news is expected from the Fed Chair, after the US central bank released forecasts on the economy and interest rates following last week’s policy meeting. The UK will finally vote on a referendum to decide if it continues to be a part of the EU on Thursday.

The result will likely be projected early on Friday, before the official vote count is announced, based on preliminary vote counts and exit polling. The June 23 vote could have huge implications for the global economy. Analysts say if the vote is to leave, the Pound could drop sharply, stocks and commodities would sell off, while safe havens such as Gold and Bonds will see increased demand. A vote to stay may have the opposite effect, causing a snap back in the Pound and risk assets and a sell off in Bonds.

Thursday will also see the Euro zone publish preliminary data on manufacturing and service sector activity for June, amid expectations for a modest decline.

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for June 20th 2016

EUR/GBP: A binary Put option coincides with the trend, seen below.
EURGBP Binary Options Insights for June 20th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for June 20th 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.
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