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The Loonie Hits 1.42000 Versus Euro after Upbeat GDP Data - Option Banque. Supply Disruptions in Libya and Likelihood of An Extended Output-Curb Deal Push Oil Prices Higher. Sterling Slumps Versus Dollar on Mounting Political Uncertainties - Option Banque. British Pound nose-dived to the lowest level since last Friday against the dollar amidst rising uncertainties concerning the U.K. politic developments while economic data showed U.S. consumer confidence surged to a more than 16-year high in March.
The pound retreated on Tuesday ahead of a highly-anticipated move by the Prime Minister Theresa May on Wednesday. The U.K. PM is expected to invoke Article 50 to start the Brexit process tomorrow by send a letter to Donald Tusk, President of the European Council, notifying him that Britain is leaving the European Union. Meanwhile, the Scottish parliament further complicated Britain’s political turmoil as it backed First Minister Nicola Sturgeon’s bid for a new independence referendum.
By contrast, the dollar was supported after the Conference Board reported its consumer confidence index jumped 9.5 points to 125.6 this month, the highest reading since December 2000. U.K. Shares Edge Lower On The Back of Strengthening British Pound. U.K. Inflation Rate Rises at Fastest Pace Since 2013, Sterling Soars to Three-week Highs. USDCAD Tumbles to Two-week Lows as Oil Edges Higher While Dollar Hit By Fed. Canadian dollar soared to the highest level in more than two weeks versus its American counterpart on Thursday, supported by a rising crude price while the dollar lost ground after Fed raised rate but signaled no pick-up in the pace of tightening.
The pair USDCAD dropped to as low as 1.32800 as the dollar weakened broadly against most of its peers even after the Federal Reserve hiked interest rates by 25 basis points to a range of 0.75 percent to 1.00 percent. This was the second rate hike in three months, a move supported by steady economic growth, strong job gains and prospect that inflation is heading towards the central bank’s target goal. However, Fed did not signal any plan to accelerate the pace of monetary tightening with Fed Chair Janet Yellen emphasizing that future rate increases would be “gradual.” Trade suggestion. Crude Oil Extends Downward Rally As OPEC Revises Up Forecasts for International Output. Crude prices hit the lowest level since November 30, 2016 after a monthly report from the Organization of the Petroleum Exporting Countries pointed to an increase in crude inventories of developed countries.
Brent crude fell to as low as $50.40 per barrel – the level not seen in three-and-a-half month as OPEC said in its monthly report that oil inventories in developed countries had risen above the five-year average to stand 278 million barrels in January regardless of efforts by major producers to curb crude output. The report also revised up its forecast for production outside OPEC by 400,000 bpd, 160,000 more than previously expected. The comeback of U.S. shale drilling is also anticipated to push U.S. output higher by 100,000 bpd in 2017. Euro Hits One-month High on ECB's Rate-hike Talk, Dollar Awaits Fed Meeting.
The euro hit an over one-month high versus the U.S. dollar in Asian trading hours on Monday on the back of the European Central Bank policy meeting last Thursday where some of its policymakers said interest rates may have been hiked before bond purchases end.
The pair EURUSD surged more than 0.1% to break though the $1.07000 threshold. The pair traded at the highest level since Feb. 9 at $1.07053 in the second half of Asian trading. U.S. Producers Ramp Up Shale Production, Oil Plunges to Three-month Lows. U.S. crude prices fluctuated on Friday, struggling to find direction after having fallen below $50 per barrel on the day before as concerns over a global glut overshadowed bullish sentiment from output cuts by major exporters.
West Texas Immediate was flat in early European trade, on track for 7 percent decline this week – the biggest weekly drop since early November. The prices have been under pressure from rising production in the U.S. where producers are drilling more wells and pumping more oil on the back of rising oil prices. Besides the fact that U.S. crude inventories rose by 8.2 million barrels last week to a record 528.4 million barrels, U.S. producers are putting pressure on prices by planning to expand crude production in North Dakota, Oklahoma and other shale regions. The U.S. Gold Tumbles As ADP Data Strengthens Bets on U.S. Rate Hike Next Week. Gold fell to the lowest in five weeks on Thursday as the dollar held on gains versus most of its peers after a strong hiring data from payroll processor Automatic Data Processing overnight which helped raise the bets on a Federal Reserve rate hike next week.
Gold traded below $1205.00 an ounce in early European trade – the level not seen since early February on the back of the greenback rallying after Payroll processor ADP reported that the U.S. private sector added 298,000 jobs in February. The result was well above forecasts for an increase of 190,000 and also the largest increase in private sector hiring since March 2006. Furthermore, January’s figure was revised up to show an increase of 261,000 jobs from the previous report of 246,000. Markets were waiting for government employment report for February due on Friday.
Crude Oil Loses Ground on Rising U.S. Production and Firm Dollar. U.S. crude oil prices traded lower on Monday, dragged down by an expansion in U.S. oil stockpiles and production and a strengthening dollar that has been spurred by rising possibility that U.S.
Federal Reserve may raise rate as soon as later this month. Data published by oil-field services company Baker Hughes Inc. late Friday showed the number of rigs drilling for oil in the U.S. rose by seven to 609 rigs last week. Meanwhile, the U.S. Energy Information Administration expects domestic oil output will reach 9 million barrels a day in 2017. Pound Plunges to Seven-week Low Ahead Britain's Parliament Vote. British Pound slumped to a seven-week low against the dollar on Tuesday as a strengthening dollar pushed the pair lower ahead of a second vote in Britain’s upper house of parliament which may give parliamentarians a greater say over the terms of Britain’s exit from the EU.
The pound dropped more than 3% to trade below $1.2200 – the lowest level since mid-January. Prime Minister Theresa May is to trigger the Article 50 EU exit mechanism later this month and her peers in the chamber will vote in an attempt to require the government to give Parliament a “meaningful vote” on the eventual deal with the bloc.
Meanwhile, the dollar has been on a rise versus most of its rivals due to rising expectations for a rise in U.S. interest rates this month. Trade suggestion.