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CITIGROUP VS JP MORGAN CHASE 0.67015 21:00 24.01
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By: Adam Stone
August 30th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Black and Yellow Gold prices fall as the Dollar reaches two week highs.

Monday saw the US Dollar rise to fresh two week highs against the other major currencies, aided by the release of upbeat US data and the renewed hope of a rate hike by the Federal reserve. The US Commerce Department reported early on Monday that personal spending increased by 0.3 percent last month as had been expected. The core PCE price index was up 1.6 percent on the year over year basis, where it has held since March. At the Jackson Hole symposium 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 the labor market and to expectations for solid economic growth. She did not, however, indicate when the Fed would act, saying that higher interest rates will depend on incoming economic data. Shortly afterwards, Fed Vice Chair Stanley Fischer said Yellen’s speech was consistent with expectations for possibly two or more rate hikes this year, opening the door to a September hike.

EUR/USD dropped 0.22 percent to trade at 1.1170, the lowest since August 15, while GBP/USD fell 0.48 percent to 1.3078, its lowest since August 22.

USD/JPY gained 0.37 percent to trade at 102.17.

Gold prices held onto overnight losses on Monday August 29th, trading at five week lows after Senior Federal Reserve officials indicated a US interest rate increase was on the cards in the near term. The precious metal is sensitive to moves in US rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the Dollar in which it is priced. The US Dollar climbed to a three week high on Monday as investors began to factor in the greater likelihood that the Fed will raise rates this year.

On Monday, Gold futures traded down 0.21 percent/$2.75 an ounce, to $1,325.15.

Oil prices dropped almost 2 percent on Monday, breaking two consecutive days of gains. Iraq will continue to ramp up output, its oil minister said on Saturday while Saudi Arabia has kept its output at close to record levels this month. Surging Middle East production and the strengthening Dollar have combined to offset the information released by energy monitoring service Genscape, showing a drawdown of 287,444 barrels at the Cushing, Oklahoma delivery point for US crude futures during the week ending Aug 26.

Brent crude was down 77 cents/1.5 percent, at $49.15 a barrel, almost entirely erasing gains from the previous two sessions.

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 30th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 30th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 30th 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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