Binary Options Weekly Outlook: December 22 – December 26
December 22, 2014 9:50 amVideo
Latest News
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- GBP/USD: trading tips for beginners for European session on May 10 May 10, 2024
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- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
December 22, 2014 – Weekly News
EUR/USD
Last week, the EUR/USD unexpectedly climbed above 1.2550 following the release of strong data. The German ZEW Economic confidence tripled the previous months figure and the European ZEW Economic Sentiment also almost tripled the previous figure. The data showed that conditions in Europe are improving. Later in the week, however, German Ifo Business Sentiment data was released and came out on target pushing the pair back below 1.2300. The downwards momentum was supported by the FOMC statement which showed a change of opinion regarding increasing the interest rate. Janet Yellen hinted that the hike could be made sooner than expected pushing the pair down to 1.2230.
Low volatility is expected this week due to the Christmas holidays. We may see good trading opportunities on Tuesday as the U.S. Final GDP and Core Durable Goods data will be released.
USD/JPY
At the beginning of last week, the USD/JPY dropped to a low of 115.5 as the Yen strengthened strongly. The boost came from elections in Japan where Shinzo Abe was re-elected showing that faith remains in his ‘Abenomics’ policies despite recent economic problems. Additional support was added as traders invested in safe haven assets following the strong drop in oil prices. Later in the week, hawkish news from the Fed pushed the pair back up and it finished the week at 119.5.
Movement is expected to be minimal this week but traders should pay attention to U.S. data on Tuesday and the Japanese CPI release on Thursday.
Gold
Last week, Gold traded with high volatility and climbed above $1,200/ounce a few times. The pair reacted to the crisis in Russia which resulted in a sharp depreciation of the Ruble. As the situation calmed and oil prices rebounded, however, the metal weakened and finished the week at $1,195/ounce.
We may now see increased demand for Gold as a weekend report showed that Arab countries are not willing to cut oil production. Traders should watch the U.S. stock market as it has been trending upwards recently and acts as an alternative investment to the metal.
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