Analytics › Weekly Binary Options Review (Apr 02 - Apr 06)

Weekly Binary Options Review (Apr 02 - Apr 06)

This week has surely been a busy week for market participants because of a load of high-profile economic releases from the world’s top-tier countries. In this article, we would like to present the review of the binary options market during the period from Apr 02 to Apr 06, targeting the prospects of major instruments.

The beginning of the week was early buoyed by the U.S. ISM Manufacturing PMI report. The figure was confirmed at 59.3, slipping from the previous 60.8 and underperforming the expected 60.1 of the economists. Nevertheless, the currency – USD pairs have posted a mixed trading affair following the release. In particular, EUR/USD ended up lower on Monday, in contrast with the Cable – Greenback getting a lift (but relatively verecund).

Tuesday brought only the UK’s Manufacturing PMI. Climbing to 55.1 versus the prior reading of 55.0 as well as analysts’ forecasts for a decrease to 54.8, the release has helped stabilize the British Pound further against its counterparts. GBP bulls absolutely loved this.

This Wednesday’s tumultuous atmosphere was sparked off by Australia’s Retail Sales m/m, which advanced strongly to 0.6% from the 0.2% level published in March. Needless to say, the Australian Dollar was pushed sharply higher against its US namesake after the announcement.

Following Australia’s Retail Sales is the U.K. Construction PMI. A very bad outcome has been recorded with the data tumbling to 47.0 from 51.4, remaining well below economists’ calculation of 50.9. However, the Pound Sterling seemed undeterred by the release, fighting its way back higher versus the US Dollar on the day’s close.
ADP Non-Farm Employment Change was the third news on Wednesday that was heavily focused. However, the actual data was published at 241K which was little-changed from the last announcement (246K), having a very little impact on the US Dollar. Besides, U.S. ISM Non-Manufacturing PMI coming in at 58.8 versus the previous 59.5 also caused a conflicting sentiment out of the USD, making it seesaw in the New York trading session.

In a separate development, U.S. Crude Oil Inventories posted a dip to -4.6M from 1.6M recorded before, helping Oil prices gain back its early loss.

Crude Oil
Source: Oil Price

Thursday appeared with three significant releases from three top-tier economies. First, Trade Balance was brought out of Australia, sparking the Aussie - denominated assets. The data was broadcast at 58.8, remaining lower compared to the last reading of 59.5, quickly making AUD bears back into the fray. AUD/USD has suffered a considerable loss after the outcome.

Apart from that, UK’s Services PMI was the main driver of the Cable’s notable development on Thursday. With the data descending sharply to 51.7 versus the prior 54.5 and the expected 53.9, bearish momentum has quickly overshadowed the GBP’s bullish picture drawn from earlier this week. Most of the Sterling – currencies saw multiple declines on the announcement.

Canada’s Trade Balance entered last. The report was divulged at -2.7B, 0.8B lower from the previous level (-1.9B). That really was music to CAD bears’ ears.
The Greenback and Canadian Dollar once again remained in focus at the end of the week. The Canadian Employment Change climbed to 32.3K in March compared to the previous 15.4K. Along with Unemployment Rate continuing at 5.8%, the Loonie promptly took back its bullish momentum, presenting a recovery against major currencies.

In the meantime, its US cousin witnessed a cloudy affair as Non-Farm Employment Change was just +103K versus the prior figure of 326K. Average Hourly Earnings m/m remained at 0.3%, however, Unemployment Rate increased to 4.1% as well put a dent in the Greenback.
The world’s most prevalent virtual asset remained active in its downward tendency. Bitcoin this week failed to turn above $7,500 and quickly slipped later. At the time of writing, BTC/USD is trading around $6,500.

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