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By: Adam Stone
September 13th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices extend losses following OPEC Report warning.

Monday saw the Dollar edge lower in quiet trade against the other major currencies. The Dollar’s losses remained limited though, as comments from the Federal Reserve ignited new speculation over a possible rate hike later this year. The Dollar found support late on Friday after Boston Fed President Eric Rosengren said that low interest rates are increasing the chance of overheating the US economy. He added that gradually tightening monetary policy is appropriate to maintain full employment. Meanwhile, the Euro remained mildly supported after the European Central Bank held back from adding additional stimulus measures last week and left interest rates on hold.

EUR/USD slipped 0.08 percent to 1.1225, while GBP/USD gained 0.33 percent to trade at 1.3313. USD/JPY fell 0.74 percent to 101.96.
The US Dollar index was down 0.09 percent at 95.24.

Oil prices extended losses on Monday September 12th after the Organisation of the Petroleum Exporting Countries (OPEC) revised up its oil output forecast from non-member countries for 2017. OPEC warned in its monthly report that oil markets will remain heavily oversupplied well into 2017 as new fields come online and US shale drillers remain resilient in the face of cheap crude. Non OPEC supply for 2017 was revised up to 350,000 barrels per day (bpd) to average 56.52 million bpd, which is an increase on this year. Demand for crude from OPEC will average 32.48 million bpd in 2017, according to the organisation. Despite robust oil demand growth, the oil market will remain oversupplied this year and next according to the report.

Oil prices had already fallen ahead of the report, pressured lower by the stronger Dollar and by increasing oil drilling activity in the US. US crude was down 112 cents/2.44 percent to $44.76 on the New York Mercantile Exchange. Global benchmark, Brent, fell 107 cents/2.23 percent to $46.94 on the ICE futures Europe exchange.

EUR/USD: A binary Call option coincides with the trend, seen below.
eurusd Binary Options Insights for September 13th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
gbpusd Binary Options Insights for September 13th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
usdjpy Binary Options Insights for September 13th 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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