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By: Adam Stone
August 8th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Gold and Oil end lower Friday as the Dollar rallies on upbeat economic data.

Friday saw the Dollar rally against the other major currencies, reaching a one week high following the release of data showing US employment increased more than expected in July, raising the probability that the Federal Reserve will initiate an interest rate hike this year. While the unemployment rate held steady at 4.9 percent, the US economy added 255,000 jobs last month, well above the expected 180,000, the Labor Department said on Friday.

Against the Yen, the Dollar rose approximately 0.6 percent to 101.79 by late trade on Friday (USD/JPY).
The Euro, fell to a more than one week low of 1.1046 against the Dollar before ending at 1.1086, down 0.4 percent on the day and 0.8 percent lower for the week (EUR/USD).
The British Pound dropped to a three week low of 1.3022 against the Dollar on Friday, before rebounding to settle at 1.3070, down 0.3 percent (GBP/USD). Sterling dropped 1.2 percent on the week after the Bank of England, on Thursday August 4th, cut interest rates to a record low of 0.25 percent and launched fresh easing measures in an effort to strengthen the economy in the wake of the downturn following the Brexit vote.

Oil futures ended the session on Friday August 5th slightly lower as the US dollar spiked following the release of upbeat US economic data and a report showing the number of US oil rigs rose for the sixth week in a row. On the New York Mercantile Exchange, crude oil for delivery in September fell 13 cents/0.31 percent, to end at $41.80 a barrel by close of trade.

Gold prices fell to a one week low on Friday, after the release of data showing the US economy created more jobs in July than had been expected. For the week, Gold slumped $13.10/0.96 percent. Gold for September delivery fell to a daily low of $1,340.40 a troy ounce, the weakest since July 29, before settling at $1,344.40 by the close of trade, down $23.00/1.68 percent. For the year, the metal is up almost 26 percent, boosted by concerns regarding global growth and expectations of monetary stimulus.

Silver futures also dropped, falling 62.6 cents/3.06 percent on Friday to settle at $19.81 a troy ounce. On the week, Silver lost 63.5 cents/1.12 percent.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 8th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 8th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 8th 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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