Daily Market Review for October 1st

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Daily Market Review

Welcome to OptionClick’s daily market review. In this section we will cover various assets and provide you with information regarding their current status and the upcoming events that may influence them. Be sure to keep up with the news to make the most of your ventures!

GBP/USD

The pair eased 28 points and currently trading at 1.6215. The UK economy grew at a faster pace than expected, bringing it to pre-2008 levels.  The UK Office for National Statistics has also revised its GDP forecast, up to 0.9% from 0.8% for the quarter of April-June. The office also reported that the service industry has risen by 1.1% in the second quarter of the year, which is the fastest rate since 2011. Furthermore, construction data has also grown with a 0.7% increase from 0. These signs point towards a rapid economic recovery in the UK. The US dollar continues to show strength as the dollar index, an index that compares the USD against a large number of its peers has gained 3.5% in the last month alone.

Crude Oil

Crude oil gained 27 points and is trading at $94.84. As inventories increase in the US, Saudi Arabia, one of the prominent forces in the market has decreased its production this month by nearly 5%, which is the most significant reduction in the last 2 years. This move is likely performed in order to counter declining demands and keep prices at a higher level. However, other oil producers in Africa and the Middle East have ramped up production. Nigeria and Angola were responsible for 60% of the production growth last month. Also, despite rises in violence in Libya and Iraq, both of these countries increase oil production. It is likely that Saudi Arabia will not reduce production further despite this attempt to support prices.

S&P 500

The index initially saw gains during Tuesday’s trading session but could surpass the 1985 level resistance. The result was the formation of a shooting star as the index turned around. At the same time, it should be noted that the 1965 level should provide significant support and keep the index in place.

Disclaimer

The material provided on this market review and the linked websites is not intended to be your only source of information when you are making financial decisions. OptionsClick™ is not a financial advisor. The information provided should be treated as a guide only and it is not a substitute for independent professional advice. You should seek independent professional advice relevant to your particular circumstances.

OptionsClick™ have made every effort to ensure that the material published here is accurate.

OptionsClick™ takes no responsibility or accept no liability arising from:

  • Errors or omissions.
  • The way in which any material is interpreted.
  • Reliance upon any material.
  • The contents or reliability of any linked websites.
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Daily Market Review for September 30th

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Daily Market Review

Welcome to OptionClick’s daily market review. In this section we will cover various assets and provide you with information regarding their current status and the upcoming events that may influence them. Be sure to keep up with the news to make the most of your ventures!

EUR/USD

The pair gained 18 points and is trading at 1.2702. The US GDP grew last quarter at its fastest rate since 2011 while the Eurozone is showing very limited growth. Furthermore, the European Central Bank is forced to employ stimulus programs in order to maintain some positive data. At the same time it seems as though the Federal Reserve is employing a reverse strategy, likely raising interest rates next year. This will make dollar debt more attractive to international investors. While the ECB president states that he isn’t concerned of exchange rate as a first priority, many officials are positive in regard to the euro’s weakness. This situation increases the cost of imports and will hopefully aid tomorrow’s inflation data for the Eurozone.

Gold

Gold continues its climb with another $8 gain to trade at $1223.7. This gain comes on the heels of US president Obama’s statement in regard to the newly formed coalition’s assault against ISIS. Indian demand is currently strong as its Diwali Festival, which is a popular wedding season, continues to take place. At the same time, it has been reported that large purchases of gold have taken place in an effort to escape the stock market downturn caused by the riots in Hong Kong.

Dow Jones 30

The index initially fell during Monday’s session but managed to recover and form a hammer. Overall, US stocks have closed low on Monday due to the political unrest in Hong Kong in which protestors are demanding democratic rights due to China’s attempt to manipulate the process that determines who can be elected Governor. The index closed 41.93 points, or 0.2% lower at 17,071.22. For the year, the Dow Jones is up 3%. Analysts remain bullish and many believe that the index is likely headed towards the 17,350 level.

Disclaimer

The material provided on this market review and the linked websites is not intended to be your only source of information when you are making financial decisions. OptionsClick™ is not a financial advisor. The information provided should be treated as a guide only and it is not a substitute for independent professional advice. You should seek independent professional advice relevant to your particular circumstances.

OptionsClick™ have made every effort to ensure that the material published here is accurate.

OptionsClick™ takes no responsibility or accept no liability arising from:

  • Errors or omissions.
  • The way in which any material is interpreted.
  • Reliance upon any material.
  • The contents or reliability of any linked websites.
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Daily Market Review for September 23rd

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Daily Market Review

Welcome to OptionClick’s daily market review. In this section we will cover various assets and provide you with information regarding their current status and the upcoming events that may influence them. Be sure to keep up with the news to make the most of your ventures!

EUR/USD

The pair gained 18 points and is trading at 1.2849 following some falls late last week. Analysts believe that the European Central Bank’s stimulus programs are likely to receive a boost in order to help economic recovery and to counter the downgraded growth forecast provided by the OECD. The ECB’s president Mario Draghi is scheduled to appear before the EU parliament as the EUR reaching a 14-month low. At the same time, the USD index is enjoying 10 consecutive weeks of gains – a feat not seen since 1973.

Crude Oil

Losing 38 points, crude oil is currently trading at 91.28. Lower demand, implied demand and growth forecasts by the OECD are pushing commodities down, and oil is one of the more affected assets. The Chinese PMI (purchasing managers’ index) came in below expectations with more declines expected in the short term, providing further indication that demand may be in decline in Asian markets as well. Furthermore, the strong USD is putting a lot of downward pressure on oil by making it more costly for buyers using weaker currencies.

Dow Jones 30

The Dow saw significant losses during Monday’s trading session, going as low as the 17150 level. The index had already broken through this level, making it a likely supportive force. Analysts are looking towards the end of the trading day in order to determine where the market is likely heading. If this level proves to be sufficiently supportive it is likely that gains are to be seen in the short term. However, should the market go below the 17000 level, a newer and lower support handle must be established before significant gains will be seen.

Disclaimer

The material provided on this market review and the linked websites is not intended to be your only source of information when you are making financial decisions. OptionsClick™ is not a financial advisor. The information provided should be treated as a guide only and it is not a substitute for independent professional advice. You should seek independent professional advice relevant to your particular circumstances.

OptionsClick™ have made every effort to ensure that the material published here is accurate.

OptionsClick™ takes no responsibility or accept no liability arising from:

  • Errors or omissions.
  • The way in which any material is interpreted.
  • Reliance upon any material.
  • The contents or reliability of any linked websites.
GD Star Rating
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