› Weekly Binary Options Review (Feb 19 – Feb 23)

Weekly Binary Options Review (Feb 19 – Feb 23)

In this article, we would like to present the review of the binary options market during the period from Feb 19 to Feb 23, targeting the prospects of major instruments.

Differing from usual Mondays, the beginning of this week witnessed Bank of England Governor Mark Carney kick off the market’s excitement by his important speech. There has been no indication about the next steps for monetary policy offered, causing the Pound Sterling to descend versus its G10 FX namesakes.
The market’s attention has shifted to the Australian Dollar on this Tuesday because of the Reserve Bank of Australia’s Monetary Policy Meeting Minutes. As widely expected, RBA President Phillip Lowe remained highly persistent with his dovish monetary settings, marking another wishy-washy meeting. The Aussie’s snarl-up continued, and the currency continued to post a decrease against its counterparts.

Weekly Binary Options Review (Feb 19 – Feb 23)

Wednesday came with eyes on the British Pound and the US Dollar. UK’s Average Earnings Index 3m/y printed an unchanged reading of 2.5% exactly as analysts had forecasted, stabilizing investors’ belief in the Cable’s mid-term prospect and sending the GBP higher against major currencies. Nonetheless, FOMC meeting minutes came in with signs pointing to more hawkish actions in the coming months as economic growth had been gathering momentum alongside an uptick in inflation, boosting the Greenback. The Pound Sterling – US Dollar exchange amounted to trade lower on the day since USD bulls were extremely aggressive.

Thursday this week brought a series of high-profile economic releases from top-tier economies. The UK economy continued to be hit by Second Estimate GDP q/q which dropped to 0.4% from the last announcement of 0.5%, underperforming analysts’ expectations. The Canadian Dollar also suffered a loss since Core Retail Sales m/m sharply plunged to -1.8% versus economists’ prediction of 0.1% and its previous reading of 1.7%. Meanwhile, the New Zealand Dollar has recorded an optimistic day shooting up versus its crosses as Retail Sales climbed strongly to an annualized 1.7% from 0.3%, exceeding the calculation of 1.4%. However, because the Greenback’ bullish momentum started a day before still prevailed, all of the currencies above looked weak ahead of the USD.

On the same day, European Central Bank Monetary Policy Meeting Accounts took place. Interest rates were left on hold; however, inflation, the most important economic indicator at the central bank, was shown to pick up at a faster pace. Trader’s belief in an aggressive plan of the ECB in the near future was reinforced, leading to a stronger Euro in Thursday’s sessions.

In a separate development, U.S. Crude Oil Inventories were broadcast decreasing to -1.6M from the prior release of 1.8M. Oil prices got an instantaneous lift on the report.

Later this week was quite serene with only Canada’s CPI m/m coming in. The figure posted a robust pick-up of 1.1% to 0.7% from the negative level of -0.4%, making the Canadian Dollar climb versus its US cousin. However, USD bulls continued to dominate the round, quickly stabilizing USD/CAD in the final hours of Friday’s New York trading session.

A mixed trading week of the world’s most popular digital currency has been recorded. At the time of writing, Bitcoin is still trading around the $10,000 significant level.

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