› Weekly Binary Options Review (Jan 22- Jan 26)

Weekly Binary Options Review (Jan 22- Jan 26)

In this article, we would like to present the review of the binary options market during the period from Jan 22 to Jan 26, targeting the prospects of major instruments.
Monday’s significant economic docket was empty, leading financial markets to be wishy-washy. The US Dollar’s bearish momentum continued to prevail, therefore, most of the currency – USD pairs have recorded a positive day trading higher.

Market’s attention has shifted to the Japanese Yen on Tuesday this week following the important meeting of the Bank of Japan. As inflation was announced running below the 2% target, BOJ President Haruhiko Kuroda continued to be persistent with his ultra-loose monetary settings regardless of signs of economic strength shown lately. Nevertheless, instead of rallying on the back of a weaker JPY, the Greenback – Yen exchange amounted to sharply head lower the whole day Tuesday, bringing jubilation to the binary options traders who went short on USD/JPY.

UK’s Average Earnings Index was affirmed remaining at 2.5% in 2017’s Q4, which matched analysts’ prediction. Accordingly, Wednesday witnessed the Pound Sterling post a strong gain versus its G10 FX counterparts. The Cable – US Dollar exchange towered right after the report.

New Zealand’s CPI was released on the same day, dropping to 0.1% against its previous reading of 0.5% and economists’ forecasts of 0.4%. The New Zealand Dollar –
Greenback bulls have quickly been overpowered by aggressive bears with all gains made earlier removed, making a shooting-star candle on the NZD/ USD chart.
Wednesday was also an upbeat day for Crude Oil prices that approached $66 per barrel in spite of Crude Oil Inventories strongly climbing to -1.1M from the prior figure of -6.9M.

New Zealand's Flag
Source: CNN.com

Thursday this week brought fireworks for the European currency because traders believed that easy monetary policy was about to end in defiance of European Central Bank President Mario Draghi’s dovish comments in his meeting along with borrowing costs left unchanged. Therefore, the Euro surged versus its US namesake while markets were pressurized. In a separate development, Canada’s Core Retail Sales was confirmed advancing to 1.6% from the November level of 0.8%, surpassing market’s estimates for an unchanged data; however, traders have totally been dumbfounded by the Greenback – Loonie reaction to the release as the currency pair amounted to rally strongly, finishing Thursday’s sessions above its open.

UK’s Prelim GDP sparked off Friday’s excitement with the figure rising to an annualized 0.5% from its last report of 0.4%. The British Pound bulls benefited a lot from the announcement.

The last New York trading session of the week saw the Greenback wobble hard largely due to conflicting economic releases: while U.S. Advance GDP descended to 2.6% in 2017’s fourth quarter from 2.7%, Core Durable Goods Orders data ascended to 0.6% from its previous reading of 0.3%, exceeding expectations for a rise to 0.5%. Meanwhile, Canada’s CPI witnessed a strong fall to -0.4% from the past level of 0.3%, sending the Canadian Dollar lower versus major currencies. The US Dollar – Loonie was boosted consequently.

The most popular digital currency remained stuck in range this week after testing the psychological level around $10,000. At the time of writing, BTC/USD was trading at $10,773.86.

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