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By: Adam Stone
October 11th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Russia welcome’s OPEC invitation to proposed output cap.

Monday October 10th saw the Dollar hold onto gains against the other major currencies, staying close to a two month peak as hopes for a rate hike by the US Federal Reserve this year continued to provide support. Trade volumes were low, as expected, due to most banks and federal institutes being closed for the Columbus day holiday.

EUR/USD fell 0.37 percent to 1.1159, GBP/USD dropped 0.53 percent to trade at 1.2370, while USD/JPY gained 0.62 percent to 103.55.

On Monday, OPEC’s top oil producer Saudi Arabia said a global production deal to limit supplies could be reached by the next formal meeting in November, when an invitation to join cuts may be extended to non OPEC nations such as Russia. “OPEC needs to make sure we don’t crimp too tightly and create a shock to the market. We are going to be very responsible”, Saudi Arabia’s Energy Minister Khalid al-Falih told the World Energy Congress in Istanbul.

Non OPEC oil producer Russia’s President Vladimir Putin welcomed the global cut invitation, saying Moscow was ready to join the proposed cap on oil output by OPEC members. “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join “.

Brent crude was up $1.60/3.03 percent at $53.53, US crude was up 3.33 percent at $51.47.

Gold prices rose sharply on Monday, Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped by up to 1.2 percent to a session peak of $1,266.75 a troy ounce. It was last at $1,262.05, up $10.05/0.8 percent.

EUR/USD: A binary Call option coincides with the trend, seen below.
eurusd Binary Options Insights for October 11th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
gbpusd Binary Options Insights for October 11th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
usdjpy Binary Options Insights for October 11th 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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