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By: Adam Stone
October 28th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices rise on optimism regarding implementation of OPEC deal.

The Dollar stayed close to nine month highs against the other major currencies on Thursday October 27th, after the release of mixed US economic reports. Demand for the Dollar remained underpinned by expectations for a rate hike before 2017. The US Dollar index was at 98.58, below the nine month peak of 99.09 seen on Tuesday, the index has rallied 3.4 percent so far this month. Data released on Thursday showed that US orders for long lasting manufactured goods fell slightly in September. Total durable goods including transportation items, fell 0.1 percent last month according to the commerce department. Excluding defense spending, durable goods orders rose by 0.7 percent however. Core capitol goods orders, seen as a key measure of business investment fell 1.2 percent last month, the biggest drop since February. In addition, a separate report shows that the number of Americans filing for unemployment benefits fell by 3,000 to 258,000 last week, indicating sustained labor market strength and improving economic growth. The reports come as investors now turn their attention to Friday’s data on US third quarter growth, which is expected to reveal a marked recovery from the second quarter.

GBP/USD traded as high as 1.2271 on Thursday, before falling back to 1.2226. The Dollar twas trading close to three month highs against the Yen, with USD/JPY up 0.34 percent at 104.82. The Euro was little changed, with EUR/USD trading at 1.0914.

Oil prices rose on Thursday, amid renewed optimism regarding the implementation of the proposed deal by OPEC to limit production. Energy ministers from Saudi Arabia and its Gulf allies told Russian counterparts that they are willing to cut 4 percent from their peak oil output, according to Reuters sources close to the matter. The same sources claim the Russian Energy Minister replied that Moscow will not cut output, but instead freeze it at its current level.

Brent oil for December delivery on the ICE Futures Exchange in London added on 35 cents/0.7 percent to trade at $50.33 a barrel.

Gold extended gains on Thursday following the disappointing US durable goods data. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose $6.55/0.52 percent to $1,273.15 a troy ounce. Silver futures meanwhile, rose 7.1 cents/0.4 percent to trade at $17.69 a troy ounce.

GBP/USD: A binary Put option coincides with the trend, seen below.
gbpusd Binary Options Insights for October 28th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
usdjpy Binary Options Insights for October 28th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
eurusd Binary Options Insights for October 28th 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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