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

Market Recap & Outlook:

OPEC agrees first output cuts in eight years, Oil prices jump five percent.

Wednesday saw the Dollar rise against the other major currencies, after positive US data on durable goods orders. The US Commerce Department said that durable goods orders remained unchanged last month, compared to the expected decline of 1.4 percent.

EUR/USD rose 0.08 percent to 1.1208, USD/JPY edged up 0.11 percent to trade at 100.52. The British Pound slipped lower, with GBP/USD down 0.09 percent at 1.3011.

OPEC agreed on Wednesday September 28th to modest oil output cuts for the first time in eight years, with the group leader Saudi Arabia softening its stance with rival Iran amid mounting pressure caused by low oil prices.

“OPEC made an exceptional decision today.. after two and a half years, OPEC reached consensus to manage the market” was the statement from Iranian Oil Minister Bijan Zanganeh. He and other ministers said the Organisation of the Petroleum Exporting Countries would reduce output to a range of 32.5 – 33.0 million barrels per day. Opec estimates its current output at 33.24 million barrels per day.

‘We have decided to decrease the production around 700,000 bpd” said Zanganeh. The move may, in effect, re-establish OPEC production ceilings which were abandoned a year ago. However, how each country will produce is yet to be decided, most likely at the nest formal OPEC meeting this coming November, when an invitation to join cuts may be extended to non OPEC countries such as Russia.

Oil prices jumped more than 5 percent to trade above $48 per barrel, following the news.

US stocks reversed earlier losses, moving higher following the OPEC agreement. The Dow Jones Industrial average rose 0.61 percent to end at 18,339.24 points, the S&P500 gaining 0.53 percent to 2,171.37. The NASDAQ Composite added 0.24 percent to 5,318.55.

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

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

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