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By: Adam Stone
August 9th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil settles up as OPEC Chief comments on possible efforts to restrain output.

Monday saw the Dollar move higher against the other major currencies, adding to gains against the Yen after last Friday’s robust US jobs report for July. USD/JPY rose 0.72 percent to trade at 102.52, while EUR/USD was little changed at 1.1081, not far from Friday’s one week low of 1.1045.

The Pound was still under pressure following the Bank of England’s decision to cut interest rates to a record low of 0.25 percent last week, in an effort to buffer the economy from the downturn following the Brexit vote. GBP/USD fell 0.21 percent to 1.3043, still close to Friday’s almost four week lows of 1.3019.

Oil prices settled up almost 3 percent on Monday, amid renewed speculation that OPEC may try to restrain output in an effort to ease oversupply worries which pressured the market to three month lows last week. Opec president Mohammed bin Salah al-Sada commented on the possibility of an accord between member states at a meeting in Algeria aimed at stabilizing the volatile global energy market. On Monday August 8th, Al Sada said that OPEC will hold an informal meeting of member countries on the sidelines of the International Energy Forum In Algeria on September 26-28.

Brent crude rose $1.12/2.5 percent to settle at $45.39 on Monday.

Gold slipped down on Monday aided by a moderately stronger Dollar and investor sentiment pointing to a 2016 rate hike from the Federal Reserve. On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,335.35 and $1,343.85 an ounce before settling at $1,341.35, down 3.05/0.23 percent on the session. During last Friday’s session, Gold fell more than $20 an ounce after the US Department of Labor said the economy added 255,000 nonfarm payrolls in July, marking the second consecutive month of dramatic gains throughout the improving labor market. The metal is still up by more than 5 percent since the UK decided to leave the EU, and has jumped in value by more than 25 percent year to date.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 9th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 9th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 9th 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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