› Weekly Binary Options Review (Feb 05 – Feb 09)

Weekly Binary Options Review (Feb 05 – Feb 09)

In this article, we would like to present the review of the binary options market during the period from Feb 05 to Feb 09, targeting the prospects of major assets.
The market was soon buoyed from Monday this week with two high-profile economic announcements coming in. UK’s Services PMI was released at 53.0 versus its previous 54.2 and economists’ expectations of 54.1, weighing on the British Pound’s prospect. At the same time, U.S. ISM Non-Manufacturing PMI printed a surge to 59.9 from the prior level of 55.9, boosting the US Dollar versus its namesakes. Those two reports caused GBP/USD to sharply tumble, delighting the binary options traders shorting the currency pair.

Tuesday continued to witness a series of data releases broadcast. The Australian Dollar bears got a joyful day as the currency headed sharply lower following two pessimistic reports: Australia’s Retail Sales slipped to -0.5% against its past figure of 1.3% alongside Trade Balance declining to -1.36B from 0.04B. All the Aussie – crosses simultaneously fell strongly right after the data were affirmed.

In a separate development, the Loonie had a bad day moving lower versus its G10 FX counterparts since Canada’s Trade Balance crashed the market’s expectations for a climb to -2.3B by a decrease to -3.2B from its previous report of -2.7B. USD/CAD’s bullish movement extended right after the news came in.
Tuesday, however, was a good day for the New Zealand Dollar bulls, with the Kiwi ascending robustly regardless of conflicting economic reports. New Zealand’s Employment Change posted a fall to 0.5% from 2.2%, but Unemployment Rate dropped to the record low of 4.5% from 4.6%.

Wednesday this week unexpectedly recorded a strong fall in Gold prices despite Crude Oil Inventories announced descending deeply to 1.9M from the last data of 6.8M. In all likelihood, lots of options traders were surprised ahead of the USOIL’s reaction to the release.

Crude Oil Inventories
Source: RTE

On the same day, the Reserve Bank of New Zealand announced its decision to hold borrowing costs at a record low of 1.75% with the intention that it would remain accommodative with its loose settings for years to boost inflation. The Kiwi was pushed lower shortly after the RBNZ’s boss dropped his dovish rhetoric.
The Australian Dollar’s snarl-up had continued to linger against the backdrop of easy monetary policy maintained by Australia’s central bank. Thursday this week continued to see RBA President Phillip Lowe be consistent with his infinite plan to leave interest rates unchanged “for a better economy”. The Aussie’s fragility was aggravated by the RBA boss’s passive intention, leading to a weaker AUD.

In a separate development, the Bank of England decided to endorse a wait-and-see approach on monetary policy. The Pound Sterling’s bullish momentum earlier was cushioned after the U.K. central bank’s announcement.

By the end of this week, UK’s Manufacturing Production came in positively at 0.3%, but it still couldn’t limit the Cable’s ongoing deterioration. GBP/USD continued to trade lower, delivering jubilation to the binary options traders who hold sell orders on the currency pair.
Friday was also a gloomy day for the Canadian Dollar as Canada’s Employment Change plunged to -88.0K from its previous release of 78.6K, well underperforming analysts’ prediction of 10.3K. Coupled with Unemployment Rate climbing 0.2% compared to its last data of 5.7%, the Loonie found itself weakening sharply versus its counterparts, sending most of the currency – Loonie pairs higher.

The world’s most famous cryptocurrency this week showed a rally with bulls back in play. At the time of writing, BTC/USD is trading around $8,500.

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