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Weekly market update provided by Analysts at 10Trade |  |
Market Update on Popular Binary Options Assets;
EUR/USD
The pair dipped to below 1.06 during last week, due in the main to comments made by Mario Draghi, who suggested the European Central Bank may be expanding monetary stimulus. The low point of the week came on the back of German retail figures, which came in well below forecasts, sending the EUR down further.
The ECB meet on Thursday to decide future monetary policy, and there is little else on the horizon that will reverse the bearish sentiment regards the european currency.
GBP/USD
Mark Carney, Governor of the Bank of England, suggested that rate rises were unlikely to be in the early part of 2016 in the UK, and the pound depreciated accordingly.
Labour and home sales data from the US looks set to maintain the support of the greenback – and test the foreign investment which continues to underpin the GBP.
Gold & Copper
Gold continues to suffer from the extended speculation about a US rate rise. A sixth straight week of falling values leaves the precious metal hovering around 1,055 per ounce. Historic lows were tested earlier last week and the threat of rising rates puts downward pressure on the yellow metal. Silver has suffered similar issues – but not to the same degree as yet.
Copper also ended the week down, but only fractionally. The real story here was the spike on Thursday (26th) when news from China suggested the authorities were investigating short selling of Copper. Those gains were ultimately surrendered, but the episode does illustrate the power of sentiment from the Asian markets.
Key Release;
- Further German jobless claims (Tuesday) and retail numbers (month on month and year on year) on Wednesday.
- ECB announcement on Thursday lunchtime
- Quarterly GDP figures from Australia on Wednesday
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