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By: Adam Stone
August 29th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Friday and the week ahead.

Friday saw the US Dollar soar against the other major currencies, following comments from two senior Federal Reserve Officials that pointed toward a potential US interest rate hike as early as next month. During her anticipated speech on Friday August 26th, Fed Chair Janet Yellen said the case for US interest rate hikes has “strengthened” in recent months due to improvements in both the labor market and expectations for solid economic growth. She did not however, indicate when the Fed will act, saying that higher interest rates will depend on incoming economic data. Speaking soon after, Fed Vice Chair Stanley Fischer said Yellens speech was “consistent” with expectations for possibly two more rate hikes this year, opening the door to a September hike.

Against the Yen, the Dollar rose 1.26 percent (USD/JPY) to end at 101.80, after touching 101.94, the most since August 12. For the week, the pair climbed 1.61 percent.
Earlier on Friday, data showed that consumer prices in Japan fell by the most in three years in July, adding pressure on both the government and the Bank of Japan to do more to boost sluggish inflation.

The Euro, fell 0.77 percent against the Dollar (EUR/USD), to settle at 1.1195, the lowest level since August 16. On the week, the Euro lost 1.13 percent against the Dollar, breaking a two week winning streak.

The British Pound settled at 1.3140 against the US Dollar, (GBP/USD) down 0.4 percent for the day but 0.5 percent higher for the week, amid easing concerns over the economic outlook.

In the week ahead, investors will focus on US economic reports to gauge whether the worlds largest economy is strong enough to withstand a hike in interest rates in the coming months, with Friday’s nonfarm payrolls data in the spotlight. In the UK, trades will be awaiting reports on activity in the manufacturing and construction sectors for further indications on the continued effect that the Brexit decision is having on the economy.

Gold prices flitted between gains and losses on Friday before ending little changed as markets assessed the likelihood of an interest rate hike following the Fed comments.
Gold for December delivery on the New York Mercantile Exchange settled at $1,325.90 a troy ounce, up $1.30/0.1 percent by close of trade .

Oil futures held onto modest gains on Friday, but suffered a decline for the week after the Saudi Energy Minister shrugged off the need for OPEC to intervene to stabilize the market. Crude oil for October delivery ended Friday’s session at $47.64 a barrel, up 31 cents/0.65 percent on the day.

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 29th 2016

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 29th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 29th 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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