Binary Options Weekly Outlook: December 29 – January 2
December 29, 2014 12:40 pmVideo
Latest News
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December 29, 2014 – Weekly News
EUR/USD
Despite low volatility, the EUR/USD slightly decreased to a two and a half year low of 1.2165. The drop was caused by unexpectedly strong U.S GDP which showed a 5% increase instead of an expected 4.3%. A price correction was seen but the pair finished the week below 1.2200. On Sunday, a German Economic expert, Christoph Schmidt, argued that there is “no need for the ECB to buy sovereign bonds”, as traders have already priced in additional stimulus, any news contrary to this could pull the pair up.
Volatility should remain low this week due to New Year’s celebrations. Today, traders should watch a third round of elections in Greece, if voters fail to elect a new President we could see the Euro fall. The U.S. CB Consumer Confidence index will be released on Tuesday and the ISM Manufacturing PMI on Friday.
USD/JPY
Following positive U.S Final GDP data, the USD/JPY climbed back above 120 on Tuesday. The pair corrected its previous sharp climb to 115.5 which was caused by uncertainty over the Russian Ruble. The Governor of the Bank of Japan, Kuroda, spoke last week and asked companies to increase next year’s wages by 2% to help achieve the target inflation rate. If successful this would raise the economic outlook.
This week, we should expect low volatility. The Japanese market will only be open for two days and will then close for holiday celebrations.
Gold
Gold provided great trading opportunities last week. On Monday, the price sharply fell from $1,203/ounce to $1,170/ounce and traded sideways until Friday. We then saw a sharp upwards movement pushing the price near $1,200/ounce following news that the Chinese bank may loosen its policy for lending money. Political and economic instability has recently increased volatility for the metal but as the Russian Ruble stabilized demand for the metal declined.
This week we could see the price break through $1,200/ounce as there was another aircraft disaster in Asia. On the other side, the U.S. stock market reached record highs again, cutting demand for safe haven assets.
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