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FTSE F-DEC16 6919.500 09:15 26.10
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By: Adam Stone
August 5th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Bank of England announces first interest rate cut in seven years, ahead of Friday’s nonfarm payrolls report.

Thursday saw the GBP/USD currency pair fall sharply to one week lows following the Bank of England’s decision to approve its first interest rate cut in seven years.
On Thursday morning the Bank of England lowered its benchmark interest rate by 25 basis points to a record low of 0.25 percent. In addition the BoE increased its asset purchasing by £60 Billion, outlined a plan to begin buying £10 Billion of corporate bonds per month and announced an initiative for providing as much as £100 Billion to banks under a comprehensive term funding scheme. At the same time the Bank of England’s Monetary Policy Committee (MPC) increased its near term inflation outlook, due primarily to the recent depreciation of the Pound. By years end the MPC expects inflation to reach 0.8 percent, up from the prior estimate of 0.4 percent. The MPC also anticipates that inflation will increase to 1.9 percent by the end of next year and overshoot its 2 percent target in December 2018. Additional rate cuts and easing measures may be forthcoming if the figures from this forecast prove accurate.

The currency pair, GBP/USD, closed the US afternoon session at 1.3106, down 1.67 percent on the day.

The Dollar trimmed gains against the other major currencies on Thursday August 4th, following the release of downbeat US data and as investors turn their attention to Friday’s nonfarm payrolls report. The US Census Bureau said factory orders decreased by 1.5 percent in June, better than the forecast decline of 1.8 percent. Factory orders fell 1.2 percent in May. This report came after the Labor Department said initial jobless claims increased by 3,000 to 269,000 from the previous week’s total of 266,000. Analysts had expected jobless claims to decline by 1,000 to 265,000 last week.

USD/JPY fell 0.16 percent to trade at 101.09, the Euro held steady with EUR/USD at 1.1140.

Oil prices rose almost 3 percent on Thursday, with US crude climbing above the $40 a barrel mark. Brent crude settled up $1.19/2.8 percent, at $44.29 a barrel.

Gold for December delivery settled at $1,367.05, up 2.35/0.17 percent on the session.

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 5th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 5th 2016

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 5th 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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