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By: Adam Stone
August 4th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Investors look ahead to Thursdays Bank of England Policy meeting.

Wednesday saw the GBP/USD currency pair fall slightly, erasing some of the gains made in the previous session as foreign exchange traders looked forward to the Bank of England meeting on Thursday. The Currency pair fluctuated between 1.3281 and 1.3372, before closing the US afternoon trade at 1.3325, down 0.24 percent on the day. On Thursday, the Bank of England is expected to slash its benchmark interest rate to a record low of 0.25 percent.

The Dollar held onto gains against the other major currencies on Wednesday August 3rd despite weak US service sector data, an upbeat US jobs report helped to support demand for the Dollar. Payroll processor ADP said the US private sector added 179,000 jobs last month, surpassing an expected increase of 170,000. EUR/USD dropped 0.50 percent to 1.1168. USD/JPY gained 0.56 percent to trade at 101.45 on Wednesday. Japan’s government on Monday, approved a stimulus package to spur economic growth, but investors fear the measures will not be strong enough to stave off deflation.

Gold retreated from almost 28 month highs on Wednesday as investors await the results of the meeting from the Bank of England, where policy makers may approve their first interest rate cut in seven years. On the New York Mercantile Exchange, Gold for December delivery traded between $1,360.65 and $1,373.20 an ounce before settling at $1,364.25, down 8.45/0.62 percent on the session. Despite these minor declines, Gold has risen more than 28 percent over the last six months and is on course for one of its strongest years in a decade.

US crude futures bounced from 14 week lows on Wednesday, an unexpected draw in gasoline inventories last week helped to temporarily ease some concerns regarding the prolonged supply glut in global energy markets. On the Intercontinental Exchange, Brent crude for October delivery settled at $43.03, up 2.92 percent on the day. On Wednesday morning the US energy Information Administration said in its weekly Petroleum Status Report, that Gasoline inventories declined by 3.3 million barrels for the week ending on July 29, far more than the expected 0.2 million barrel draw.

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 4th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 4th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 4th 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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