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By: Adam Stone
August 24th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

The Dollar slips lower ahead of Friday’s speech by Fed Chair Janet Yellen.

Tuesday saw the Dollar slip lower, partly as a result of uncertainty regarding the timing of the next Federal Reserve rate hike. Investors now turn their attention towards a speech by Fed chair Janet Yellen, scheduled for this Friday. Market watchers are eager to see whether Yellen will restate the hawkish view of the economy expressed by Fed officials in recent weeks or if she will echo the minutes of the Fed’s July meeting, where official were divided on when to raise rates. The Dollar had risen on Monday after upbeat comments by Fed officials were seen as improving the probability of a rate hike this year.

Sentiment on the Yen remained weak after Bank of Japan Governor Haruhiko Kuruda said during the weekend that there is a “sufficient chance” the central bank will implement additional easing measures at next months policy meeting. USD/JPY dropped 0.28 percent to 100.04.

In the Euro zone, data released on Tuesday showed that private sector activity edged up to a seven month high in August, helped largely by surprisingly strong growth in France. EUR/USD rose 0.16 percent to 1.1337.

In Britain, the Pound strengthened, with GBP/USD advancing 0.39 percent to 1.3185.

Oil prices rose by more than 1 percent on Tuesday, reversing early losses, after Reuters reported on positive signals coming from Iran that it may support joint OPEC action to prop up the market. Iran, as the third largest oil producer in OPEC, has been boosting output since the West lifted sanctions in January. Although it has not stated whether it will join an effort to curb production, Tehran appears to be more willing to reach an understanding on the matter, according to Reuters sources in OPEC.

Brent crude was up 80 cents /1.7 percent at $49.96 a barrel, on Tuesday.

Gold prices were modestly higher on Tuesday, Gold for December delivery on the Comex division of the New York Mercantile Exchange rose $3.35/0.25 percent, to trade at $1,346.75 a troy ounce.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 24th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 24th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 24th 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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