Last week was another volatile one for binary options traders. Since investors focused on the safe-haven dollar before U.S. presidential elections on Tuesday, the top binary option commodities crude oil and gold dropped on Friday. Crude dropped $2.25 to $84.83, while gold futures fell $37.55 to $1,677.95.
The greenback, on the other hand, climbed against other leading currencies on Friday, since traders were focused on the safe-haven currency. The AUD/USD forex pair tumbled 0.6%, hitting $1.0338. The EUR/USD binary option jumped 0.82% to the $1.2836 level. Even with the aftermath of disastrous Hurricane Sandy, the U.S. economy still remains strong. Traders are not focusing on currencies other than the dollar right now.
In order to gain high profits, it is important for binary options traders to concentrate and to take advantage of the important trading opportunities that will come their way over the next few weeks. Riskier assets don’t have much of a chance of rebounding unless there will be enough positive market news. Binary options investors are advised to start making trading decisions now, in order to stay ahead of the game.
This week’s main events – Monday November 5 – Friday November 9:
Monday November 5:
08:00 GMT EUR Spanish Unemployment Change – Change in the number of unemployed people during the previous month.
Tuesday November 6:
03:30 GMT AUD Cash Rate – Interest rate for overnight money market deposits. Rates are expected to be cut to 3%, which could drive the AUD much lower.
09:30 GMT GBP Manufacturing Production m/m – Change in the total inflation-adjusted value of output produced by manufacturers. It's a leading indicator of economic health - production reacts quickly to ups and downs in the business cycle.
Wednesday November 7:
08:00 GMT CHF Foreign Currency Reserves – It provides insight into the SNB's currency market operations, such as how actively they are defending the franc's exchange rate against the euro.
11:00 GMT EUR German Industrial Production m/m – Change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
14:30 GMT USD Crude Oil Inventories – The change in the number of barrels of Crude Oil held in inventory by commercial firms during the past week.
21:45 GMT NZD Unemployment Rate – Percentage of total work force that is unemployed and actively seeking employment during the previous quarter. The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.
Thursday November 8:
12:00 GMT GBP Asset Purchase Facility – Total value of money the BOE will create and use to purchase assets in the open market.
13:30 GMT CAD Trade Balance – Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
12:30 GMT USD Unemployment Claims – Export demand also impacts production and prices at domestic manufacturers. This will play a pivotal role in determining how strong the dollar will be during Thursday's trading session, so follow it closely.
Friday November 9:
00:30 GMT AUD EBA Monetary Policy Statement – It provides valuable insight into the bank's view of economic conditions and inflation - the key factors that will shape the future of monetary policy.
14:55 GMT USD Prelim UoM Consumer Sentiment – Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.