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By: Adam Stone
October 5th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices fall as Libya and Iran ramp up production despite OPEC agreement.

Tuesday saw the Dollar extend gains to an eight week high against the other major currencies, as comments by Richmond Federal Reserve head Jeffery Lacker combined with upbeat US data boosted hope for a US rate hike before 2017. Lacker suggested in a speech on Tuesday, that interest rates should already be at least 1.5 percent, compared to the current range of 0.25 – 0.50 percent. He went on to stress the need for “pre-emptive” action to combat future inflation. In addition, the US Dollar was further boosted following the release of upbeat manufacturing activity and consumer sentiment data which ignited optimism regarding the strength of the economy and supported the case for a rate hike before years end.

Market participants must now focus on Friday’s US nonfarm payrolls report, as the Fed have indicated that any future interest rate decisions will be data dependent.

EUR/USD dropped 0.57 percent to 1.1146, while USD/JPY rose 1.09 percent to reach a two week high of 102.57.
GBP/USD fell 0.65 percent to trade at a 31 year low of 1.2752.

Oil prices fell on Tuesday, as news that Iran and Libya have continued to increase production, despite an OPEC agreement to freeze output levels. “Today’s losses should come as no surprise as Libyan production is climbing higher and Iranian exports are on the rise too”, was the statement from Tamas Varga, Analyst for PVM Oil Associates in London. Oil prices also suffered from a stronger Dollar. Brent crude oil futures were trading down 22 cents at $50.67 a barrel.

Gold prices fell to almost two week lows on Tuesday, due in part to a stronger US Dollar and the release of upbeat economic data. On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery were down 0.09 percent at $1,311.55.

EUR/USD: A binary Call option coincides with the trend, seen below.
eurusd Binary Options Insights for October 5th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
usdjpy Binary Options Insights for October 5th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
gbpusd Binary Options Insights for October 5th 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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