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By: Adam Stone
October 7th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

The Dollar holds onto gains ahead of Friday’s Nonfarm payrolls report.

Thursday saw the Dollar hold onto gains against the other major currencies, aided in part by strong US jobless claims data. The Dollar was boosted by a US department of Labor report claiming the number of individuals filing for initial jobless benefits in the week ending October 1 decreased by 5,000 to 249,000 from the previous week’s total of 254,000. Analysts has expected a rise of 3,000. Investors now turn their attention to Friday’s key US employment report for further indication on the strength of the jobs market, as the Federal Reserve has previously stated that future interest rate decisions will be data dependent.

EUR/USD fell 0.29 percent to 1.1172. GBP/USD dropped 0.82 percent to trade at a 31 year low of 1.2640. While USD/JPY gained 0.43 percent to trade at 103.96

Oil rose by more than 1 percent to reach four month highs on Thursday October 06th, in the wake of yet another informal OPEC meeting on output cuts and plunging US crude inventories. Oil has gained more than $6 a barrel since OPEC announced on September 28th that it wishes to reduce output to around 33 million barrels per day. This would remove close to three quarters of a million barrels per day from the global glut, currently estimated to be nearly 1.5 million barrels per day.

Brent crude settled up 65 cents/1.3 percent, at $52.51 a barrel.

Gold prices extended overnight losses on Thursday to reach the lowest level seen in four months, amid growing expectations for a December rate hike by the Federal Reserve.
Gold for December deliver fell to an intra day low of $1,254.00 a troy ounce. It was last trading at $1,255.65, down $12.95/1.02 percent.

EUR/USD: A binary Put option coincides with the trend, seen below.
eurusd Binary Options Insights for October 7th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
gbpusd Binary Options Insights for October 7th 2016

USD/JPY: A binary Put option coincides with the trend, seen below.
usdjpy Binary Options Insights for October 7th 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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