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

Weekly Binary Options Review (Mar 05 – Mar 09)

In this article, we would like to present the review of the binary options market during the period from Mar 05 to Mar 09, targeting the prospects of major instruments.

This week’s economic docket was dense, started from Monday. With the figure advancing to 54.5 from the previous announcement of 53.0, surpassing economists’ expectations of 53.3, UK’s Services PMI sparked off the market’s excitement by sending the British Pound sharply higher versus major currencies. Coupled with USD bulls remaining weak from earlier this week regardless of U.S. ISM Non-Manufacturing PMI confirmed sliding trivially to 59.5 against the calculated 58.9, the Cable found itself posting a fair pick-up against its US namesake.

Tuesday this week witnessed the Australian Dollar torn amid conflicting reports. Australia’s Current Account was published sinking to -14.0B compared to its past release of -11.0B; meanwhile, Retail Sales recorded an ascent above the no-growth level from the negative data of -0.5%. Nonetheless, thanks in large part due to a sluggish US Dollar, AUD/USD marked a surge amidst callers’ jubilation.

In a separate development, the Reserve Bank of Australia decided to endorse a wait-and-see approach with interest rates left unchanged at 1.50%. RBA President Philip Lowe offered that economic growth had been stabilized, however, “no strong case” for rate hikes was dropped. The Aussie’s bullish momentum has been quickly tempered since bears were aggressively back in play on the back of the RBA boss’ dovish announcement.

Reserve Bank of Australia
Source: The Indian Express

The Aussie continued to trade higher in Wednesday’s Asian hours in defiance of Australia’s GDP decreasing to an annualized 0.4% versus its previous level of 0.7% and analysts’ forecasts of 0.5%. Moreover, Aussie – Greenback sellers were once again dumbfounded by the currency pair’s energetic response to the U.S. ADP Non-Farm Employment Change release, which strongly transcended economists’ gloomy prediction for a fall to 199K against the last 244K. In all likelihood, AUD/USD bullish traders’ mood has been delighted by their unexpected winning.

The other items of interest on March 7 came from Canada. The better-than-expected Canadian Trade Balance report was the main driver leading to a more vigorous Loonie although the Bank of Canada announced to keep borrowing costs on hold at 1.25% amid trade policy concerns and housing slowdown. Most of the cross – CAD pairs found themselves plummeting after the releases.

The Australian Dollar – Greenback exchange anew tantalized financial professionals by its sheepish reaction to a strong climb in Australia’s Trade Balance figure (1.06B against -1.15B, outperforming economists’ forecasts of 0.21B) on Thursday. Bears burst out laughing this time.

In the meantime, the European currency has spent a day plunging against its US counterpart despite the European Central Bank taking a further step in transferring the Euro-zone economy off easy money by dropping a long-standing pledge to increase bond buys “if needed”. Minimum Bid Rate was kept on hold at 0.00%.
The US Dollar and Japanese Yen entered the spotlight by the end of this week. The JPY’s bullish movement was undermined in spite of stimulus from Trump’s tariff proposals since the Bank of Japan left interest rates unchanged at -0.10%. Meanwhile, the Greenback was also negatively influenced due to the lower-than-forecasted Average Hourly Earnings release along with a higher Unemployment rate, despite Non-Farm Employment Change reported towering to 313K versus the last 239K.

Hence, GBP/USD witnessed a staggering increase regardless of UK’s Manufacturing Production slipping to 0.1% from 0.3%. USD/JPY, however, still recorded a pick-up in Friday’s New York trading session.

Apart from those, Canada’s Employment Change and Unemployment Rate both recorded optimistic outcomes. The CAD was pushed higher on the back of the Canadian economy adding 15.4K jobs along with Unemployment Rate declining to 5.8% from 5.9%.
The world’s most popular cryptocurrency marked a dive this week. At the time of writing, the $10,000 level was disrupted, with Bitcoin oscillating around $9,000.

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