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By: Adam Stone
November 16th, 2016 07:45am GMT, London UK

Friday and the week ahead.

Oil recovers as Saudi Minister to hold meetings on behalf of OPEC.

Tuesday saw the Dollar hold steady near an 11 month peak against the other major currencies, as positive US data boosted optimism regarding the US economy and added to existing expectations for a rate hike by the Federal Reserve. The US Commerce Department said retail sales rose 0.8 percent in October, an increase of 0.6 percent had been expected. While Core retail sales, excluding automobile sales, increased by 0.8 percent last month, compared to the forecast 0.5 percent rise. Additionally, the Federal Reserve of New York said its Empire State manufacturing index rose to 1.50 in November from – 6.80 the previous month. Analysts had expected a rise – 2.50 this month. The Dollar also stayed largely supported amid hopes that increased fiscal spending along with tax cuts under a Trump presidency will strengthen inflation and economic growth.

Elsewhere, the UK Office for National Statistics reported that the consumer price index rose by 0.1 percent in October, compared to a forecast rise of 0.3 percent. Following the announcement GBP/USD fell 0.79 percent to 1.2397.

EUR/USD held steady at 1.0745, while USD/JPY gained 0.40 percent to 108.84.

Oil prices rose by as much as 5 percent on Tuesday November 15th, bouncing back from multi month lows on renewed expectations that OPEC will come to an agreement later this month to cut production and therefore reduce the supply glut which has lasted over 2 years. Saudi Energy Minister Khalid al- Falih is expected to travel to Qatar this week for a round of meetings with oil producing countries on the sidelines of an energy forum, according to Reuters sources close to the matter.

Brent futures rose $1.88/4.2 percent, to $46.31 a barrel. US crude rose $1.99 to $45.31 per barrel, a rise of 4.6 percent.

Gold futures erased overnight gains on Tuesday, dropping back towards a six month low after data showed that US retail sales rose, boosting optimism over the US economy. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 95 cents/0.08 percent, to $1,221.05 a troy ounce.

GBP/USD: A binary Put option coincides with the trend, seen below.
gbpusd Binary Options Insights for November 16th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
eurusd Binary Options Insights for November 16th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
usdjpy Binary Options Insights for November 16th 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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