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By: Adam Stone
September 30th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices rise despite uncertainty regarding details of OPEC agreement.

Thursday saw the Dollar trim gains against the other major currencies, following the release of poor US Pending home sales data which dampened the optimism from healthy US economic reports earlier in the day. The US National Association of Realtors said its pending home sales index dropped by 2.4 percent last month despite expectations for a rise of 0.3 percent. Earlier, the US Department of Labor said initial jobless claims in the week ending September 24 increased by 3,000 to 254,000. Analysts had expected claims to rise by 9,000 last week.

EUR/USD rose 0.17 percent to 1.1238, while the British Pound dropped lower, with GBP/USD down 0.41 percent to trade at 1.2966.

USD/JPY meanwhile, gained 0.83 percent to trade at 101.53. Demand for the safe haven Yen weakened after OPEC, on Wednesday September, agreed to reduce output for the first time in eight years. Enthusiasm for the deal was short lived though, due to the limited details of the agreement.

Oil prices rose almost 3 percent on Thursday September 29th, despite doubts that the reduction agreed by OPEC will be enough to rebalance the heavily over supplied market. OPEC said details of the plan will be known at its policy meeting in November, leaving unanswered when the agreement will come into effect, what quotas will be, and for how long they will be in effect. Earlier on Thursday, oil was down, with crude retreating from 6 percent gains made on Wednesday, a steady Dollar and weak US stock market limiting much of the upside in oil. Brent crude futures were up $1.06/2.2 percent at $49.81.

EUR/USD: A binary Call option coincides with the trend, seen below.
eurusd Binary Options Insights for September 30th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
gbpusd Binary Options Insights for September 30th 2016

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