› Weekly Binary Options Review (Oct 30 - Nov 3)

Weekly Binary Options Review (Oct 30 - Nov 3)

Dozens of crucial economic announcements including central bank’s interest rate decisions have driven global financial markets extremely effervescent this week. In this article, we would like to present the review of the binary options market during the period from Oct 30 to Nov 3, targeting on the prospects of major currencies.

Earlier this week saw most currency pairs trade wavelessly since there were no significant economic data releases.
The couples making large bearish movements last week like EUR/USD or NZD/USD posted retracements on Monday.

As widely anticipated, Bank of Japan’s Press Conference on Tuesday this week ended with no fireworks because BOJ Governor Haruhiko Kuroda decided to leave the massive monetary stimulus program unchanged, causing the Japanese Yen to head lower versus its G10 FX counterparts and bringing stimuli for the USD-JPY exchange. Meanwhile, U.S. CB Consumer Confidence was reported advancing to 125.9 versus the expected 121.1 of economists, boosting well the US Dollar.
In all likelihood, binary options traders have found a good day gathering profits by making call orders on the USD/JPY currency pair.

On the same day, the Canadian Dollar was deteriorated because of Canada’s GDP m/m confirmed at -0.1% which went against analyst’s expectations for a climb of 0.1%. Combined with the upbeat news for the Greenback, USD/CAD posted a rise on Tuesday.

Meanwhile, the Kiwi buyers were celebrating since the New Zealand economy witnessed an annualized surge of more than 2.0% in New Zealand Employment in addition to the Unemployment rate reaching a new record low in more than six years.
However, due to the US Dollar’s strengthening, the Kiwi – Greenback exchange rallied trivially.

Wednesday continued the rising series of the Greenback with U.S. ADP Non-Farm Employment data advancing twofold to 235K from the previous report of 110K despite U.S. ISM Manufacturing PMI printing a loss of 2.1K compared to its October announcement.
Hence, the Pound Sterling, even found fuels from the UK Manufacturing PMI rise, still declined versus an energetic US Dollar.

The Australia Dollar finally found rare light after last week’s losing streak since Australia’s Trade Balance was broadcast mounting to 1.75B from its previous report of 0.87B.
The Aussie – Greenback has spent a day rallying on the news.

In a separate development, the British Pound had a positive day climbing versus major currencies thanks in large part due to Bank of England taking a hawkish step on monetary policy.
Besides, there was more good news for the Sterling as MPC Official Bank Rate Votes also surpassed expectations with the 7-0-2 result, along with U.K. Construction PMI increasing to 50.8 from its prior release of 48.1.

Nov 2 also saw U.S. Unemployment Claims come in at 229K, down from the previous report of 234K.

By the end of the week, U.S. Non-Farm Employment data agitated the binary options market with a surge to 261K from the 18K level reported in October.
Combined with U.S. Unemployment Rate dropping to a new record low of 4.1%, the US Dollar found itself strengthening versus its crosses despite U.S. Average Hourly Earnings m/m falling to the no-growth level.
Hence, GBP/USD fell regardless of U.K. Services PMI growing to 55.6 from the October number of 53.6.

On the same day, the Canadian Dollar traded mixed mostly because of some important economic data released oppositely: while the Canadian economy added 25.3K jobs, Canada’s Trade Balance remained at its newest adjusted level of -3.2B in addition to the Unemployment rate slightly increasing by 0.1%.
The dollar-loonie exchange gamboled on the outcomes.

Friday also witnessed Australia’s Retail Sales m/m turn back to 0.0% from its previous -0.5%. However, the figure was below economist’s forecasts, leading to a sell-off on the Aussie in Friday’s New York trading session.

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