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

Market Recap & Outlook:

Oil prices turn lower on Thursday as IEA warn of possible 2017 oversupply.

Thursday saw the Dollar hover close to two week highs against the other major currencies, as markets continued to factor in Donald Trump’s surprise election victory and following the release of upbeat US jobless claims data. The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 5 decreased by 11,000 to 254,000 from the previous week’s total of 265,000. Analysts has forecast a drop of 5,000 to 260,000 last week. The Dollar also regained strength as investors began to believe the Trump victory may be a positive factor, contrary to the initial expectations of negativity.

USD/JPY rose 0.84 percent to 106.54, the highest since July 25th. EUR/USD fell 0.15 percent to trade at 1.0894. Elsewhere, GBP/USD rose 0.64 percent to trade at 1.2486.

Oil prices turned lower on Thursday November 10th after a warning from the International Energy Agency that markets risk running another surplus next year if an output cut from OPEC is not forthcoming. In its monthly report, the IEA said OPEC crude output reached record highs of 33.83 million barrels per day in October and warned that 2017 could be another year of unrelenting global supply growth. Prices were also held in check by the release of data showing a 2.4 million barrel increase in US crude inventories last week, adding to over supply concerns.

US crude fell 22 cents/0.49 percent to $45.05, while Brent crude was last up 16 cents/0.35 percent at $46.52, having reached $46.92 earlier.

Gold prices rose sharply on Thursday in the wake of Trump’s victory. Gold for December delivery on the Comex division of the New York Mercantile Exchange added $14.80/1.18 percent to trade at $1,288.50 a troy ounce. Silver futures for December delivery rose 46.5 cents/2.54 percent to trade at $18.84 a troy ounce.

USD/JPY: A binary Put option coincides with the trend, seen below.
usdjpy Binary Options Insights for November 11th 2016

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

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