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By: Adam Stone
July 29th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Japanese Yen rises amid decreasing stimulus expectations from the Bank of Japan.

Thursday saw the Dollar hover near two week lows against the other major currencies, following both the release of disappointing US jobless claims data and the Federal reserve’s decision to leave its monetary policy unchanged. EUR/USD gained 0.35 percent to reach a two week high of 1.1098, while GBP/USD was down 0.62 percent at 1.3142.

The Dollar fell sharply against the Japanese Yen on Thursday July 28th amid signs that the Bank of Japan may fail to meet market expectations by approving only minimal easing measures at its Friday meeting. While Japan’s Prime Minister Shinzo Abe unveiled a 28 trillion Yen stimulus package on Wednesday July 27th, Reuters reported that the Japanese government may only provide as little as 7 trillion Yen in direct fiscal stimulus. If Abe is unable to deliver on the promised jump start to the economy, the Japanese Central Bank could feel added pressure to lower interest rates deeper into negative territory. The Yen has gained almost 13 percent against the Dollar year to date. USD/JPY dropped 0.62 percent to trade at 104.73.

US stocks were relatively flat on Thursday. The Dow Jones Industrial Average fell 15.82/0.09 percent to 18,456.35, closing lower for the fourth consecutive session and the fifth time in the last six trading days. The NASDAQ Composite index gained 15.17/0.30 percent to 5,154.98 and is on pace for its fifth positive week in a row. The S&P 500 Composite index added 13.48/0.16 percent to 2,170.06.

US crude futures fell sharply on Thursday as further signs of global oversupply dragged oil prices to levels not seen since the failed Doha summit in April. On the Intercontinental Exchange, Brent crude for October delivery settled at $43.24, down 0.67/1.53 percent on the day. US crude futures have now fallen close to 22 percent from the highs of $53 a barrel in June.

The US Dollar index, which measures the strength of the Dollar against the six other major currencies, fell to an almost two week low at 96.25 on Thursday before rallying slightly to 96.66 in US afternoon trade, down 0.39 percent. Dollar denominated commodities such as crude become more expensive for foreign purchasers when the Dollar appreciates.

Gold for December delivery traded at $1,341.65, up 7.15/0.54 percent on the session, while Silver for September delivery jumped 0.238/1.19 percent to 20.233 an ounce.

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for July 29th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for July 29th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for July 29th 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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