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By: Adam Stone
September 2nd, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil and Gold prices fall as investors look ahead to Friday’s nonfarm payrolls.

Thursday saw the Dollar turn lower against the other major currencies, after the release of data showing that US manufacturing activity fell to a seven month low in August, investors now turn attention to Friday’s US nonfarm payrolls data. The Institute for Supply Management said its index of manufacturing activity fell to 49.4 last month from July’s reading of 52.6. Earlier on Thursday September 1st, the US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 27 increased by 2,000 to 263,000 from the previous week’s total of 261,000.

EUR/USD rose 0.27 percent to 1.1185, off session lows of 1.1128. USD/JPY slipped down 0.15 percent to 103.28.

The British Pound gained strength after data on Thursday showed that UK manufacturing activity moved back into expansionary territory in August from what had been its worst level since early 2013. GBP/USD rallied 1.16 percent to reach 1.3291, the highest since August 4.

Oil prices dropped to a new three week low on Thursday, extending losses from the prior session. According to the US Energy Information Administration, crude oil inventories rose by 2.3 million barrels to 525.9 million, which the EIA consider to be ” historically high for this time of year “.

Crude oil for October delivery on the New York Mercantile Exchange fell to a daily low of $43.90 a barrel, a level unseen since August 12. It was last at $44.10, down 60 cents.

Gold prices also fell to a new two month low on Thursday, as investors looked ahead to data on US non farm payrolls, due this Friday, to see if the economy is strong enough to withstand a rate hike in the coming weeks. The consensus forecast is that the data will show jobs growth of 180,000 in August , following an increase of 255,000 in the preceding month. A strong nonfarm payrolls report would reinforce the view that a US rate hike in September may indeed be on the cards, following hawkish signals from senior Fed officials in recent days which revived speculation regarding a near term hike.

Gold for December delivery on the Comex division of the New York Mercantile Exchange reached a session low of $1,305.85 a troy ounce, a level last seen on June 24. It was last at $1,306.95, down $4.40 / 0.34 percent.

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for September 2nd 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
USDJPY Binary Options Insights for September 2nd 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for September 2nd 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.
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