Binary Options News: Market Overview for September 6th

BinaryOptionsNow | Published on September 6, 2011 at 8:40 am

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  • The Reserve Bank of Australia left rates on hold at 2.30pm local time in a move that didn’t surprise the economists but does have traders thinking what will it take for Gov. Stevens to change his hawkish view of the Australian economy. The Australian Dollar was weaker heading into the release after mixed data caused long squaring with the potential more towards the down-side break of the 1.0500 pivotal support. The no change still saw the market clean out weak stops just below 1.0500 before stopping just ahead of 1.0485. Then the price jumped to 1.0535 as traders thought the bears had failed. However, with the markets still pricing in a decline in rates across the futures markets the pair has returned to 1.0505 to close out the eventful day.


  • Euro and Sterling continued their decline during the Asia session as the market trend saw Asia names joining into the momen-tum push lower. In saying that the price hasn’t moved greatly and the only real action was when the Euro broke below the 1.4065 support to only run into protective bids at 1.4035. Sterling drifted into the 1.6065 to close out the session as Sterling just followed the lead set in the Euro and AUD. USDJPY remain caught in a tight 76.75/95 range with no end insight. USDCAD drifted higher to 0.9920 following the lead of the AUD.


  • Equity markets continued to grind lower in Asia today as USD strength remained and safe-haven assets remained the invest-ment of choice as the fall out from Europe has now truly spread across the globe. Some of the worst performers in the region included; Japan’s NIKKEI 225 which is lower by 2.20% at 8,590, Taiwan’s TAIEX which has given up 2.45% to 7,367 and China’s Shanghai Composite which is loosing 0.50% to 2,466. Australia’s ASX 200 continued to fall today even as interest rates remained on hold. Sentiment across the region remained negative all day seeing the ASX 200 finish the session weaker by 1.60% at 4,075. We have seen US equity futures bounce off the lows in recent trade but still remain lower by over 25 points from Fridays close in the US.


  • Commodity markets stabilised in Asia today as equities bottomed out in early trade and remained subdued for the remainder of the session prior to European trade tonight. Crude prices managed to rally in early trade but gave up most of the gains in late trade as equities could not find any real buying interest. WTI crude finished slightly higher by 0.30% at $8.3.50 and Brent fin-ished the session unchanged at $110.08. Precious metals markets were mixed with Gold posting a fresh all-time high at $1,921 on the day as equities remained well offered throughout the session. Gold finished the session higher by over 1.00% at $1,919. Silver remained subdued as Gold was in focus as liquidity remained thin due to US holidays. Silver ended the session higher by 0.25% at $43.15.


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Source: Compass Markets


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