› Weekly Binary Options Review (Oct 9 - Oct 13)

Weekly Binary Options Review (Oct 9 - Oct 13)

Global financial markets this week have mostly focused on the Greenback because of a series of U.S. significant economic data releases. In this article, we present the review of the binary options market during the period from Oct 9 to Oct 13, targeting on the prospects of the major currencies.

This Monday returned to a waveless day since there were no important economic announcements. Most currency pairs followed the technical guidance, marking a perfect day for binary options traders who loved to behold charts.

UK’s Manufacturing Production m/m came in on Tuesday this week with the figure confirmed at 0.4% which was equivalent to its previous report, beating economist’ forecasts of a drop to 0.2%. Hence, the British Pound – US Dollar had an upbeat day strongly rallying regardless of worries about Brexit, bringing happiness to GBP/USD’s callers.

This Wednesday witnessed FOMC Meeting Minutes take place with positive speaks from Fed Chair Janet Yellen, who told that the Fed policy interest rate hike by the end of this year was highly likely regardless of the low inflation issue. She also added that the U.S. economy was now in a stable uptrend, delivering fireworks to the Greenback’s buyers.

Thursday this week kicked off the normally effervescent atmosphere of binary options market with two crucial economic reports from the US along with European Central Bank President Maro Draghi’s speaks. U.S. PPI m/m was affirmed matching analysts’ prediction at 0.4%, rising from its August level of 0.2%. Meanwhile, the Unemployment Claims data continued to post a positive outcome with a 15K shrinkage, down to 243K from its prior announcement of 258K. Nevertheless, almost all cross-USD currency pairs amounted to trade higher, making their rallies extended.

In a separate development, ECB’s boss had a grand speech in Frankfurt, Germany at 15:30 GMT. Instead of stabilizing trader’s expectations for more hawkish actions for interest rates in near-term, Mr.Draghi defended a pledge to endorse a wait-and-see approach, batting back German calls for a speedy exit from years of easy money. The Euro – Greenback pair found itself falling well despite US Dollar’s current retracement.

By the end of this week, there were plenty of U.S. significant economic releases broadcast oppositely. The CPI data was locked at an annualized rate of 0.5%, remaining higher than the previous data of 0.4% but lower than analyst’s forecasts of 0.6%, while Core CPI m/m dropped to 0.1% from the 0.2% level. Besides, U.S. Core Retail Sales strongly advanced to an annualized rate of 1.0% from the previous report of 0.5%. Finally, Retail Sales m/m data also surged to 1.6% from the negative number of -0.1%, nearly reaching trader’s prediction of 1.7%. Except for the Kiwi - Greenback which unexpectedly towered in Friday’s New York trading session, most cross-USD currency pairs found themselves gamboling in a nod to U.S. mixed reports.

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