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By: Adam Stone
August 31st, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices fall amid growing fears of a global supply glut combined with a strong Dollar.

The Dollar reached new two week highs against the other major currencies on Tuesday August 30th, following comments by Federal Reserve Vice Chairman Stanley Fischer which added to existing expectations for an upcoming US rate hike. The Dollar had already strengthened broadly after Fed Chair Janet Yellen said in a speech on Friday that the case for raising US interest rates has strengthened in recent months, she cited improvements in the labor market and hopes for modest economic growth. Fischer said early on Tuesday that the US labor market is almost at full strength and the pace of interest rate increases will be data dependent. His comments came during an interview with Bloomberg TV as investors look ahead to the nonfarm payrolls report for July, scheduled for this coming Friday.

Additional data released on Tuesday shows that the Consumer Confidence Index rose to an 11 month high of 101.1 this month from a reading of 96.7 in July. August’s reading was the highest since September 2015.

EUR/USD fell 0.29 percent to a fresh two week low of 1.1154, while USD/JPY rose 0.73 percent to 102.66.
GBP/USD was little changed at 1.3113, off lows of 1.3060 reached earlier in the session .

The Bank of England reported on Tuesday that net lending to individuals increased by £3.8 billion in July, compared to the expected £4.9 billion rise. Net lending to individuals increased by £5.1 billion in June, that figure having been revised from a previously estimated gain of £5.2 billion.

Oil prices fell on Tuesday, with Brent losing almost 2 percent as the Dollar rallied and fears of a glut grew amid forecasts for higher US crude stockpiles and Iran’s remarks that it is on target to reach peak production. News that energy companies in the US Gulf of Mexico had shut some 22 percent of crude oil equivalent output as a precaution to the threat posed by an approaching tropical storm limited some of the downside in crude prices. Brent crude futures settled down 89 cents/1.8 percent at $48.37 per barrel.
It was the second day in a row that oil fell on fears of oversupply and a strong Dollar, adding to Monday’s fall of more than 1 percent in Brent crude.

EUR/USD: A binary Call option coincides with the trend, seen below.
EURUSD Binary Options Insights for August 31st 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for August 31st 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
GBPUSD Binary Options Insights for August 31st 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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