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> Fundamental Analysis 7.13.2017 – USD, EUR Woes and Safe Havens see a Boost
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Fundamental Analysis 7.13.2017 – USD, EUR Woes and Safe Havens see a Boost

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The US Dollar floundered against most other FOREX currencies yesterday. The only currency that fared worse than the dollar (resulted in the USD strengthening against it) was the EUR.

FOMC head Janet Yellen’s statements yesterday seem to reveal a more dovish stance when it comes to interest rates. Yellen seems to be indicating towards a more conservative gradual increase of interest rates. The FOMC Chief Chair also went on record that decreased inflation is a point of concern when assessing a potential interest rate hike. This statement resulted in investors selling USD.

EUR/USD gained 1.1479 but then fell to 1.1390 finally ending the day at a loss (-0.47%).

Postitive UK labor market data in combination with FOMC Head’s statement regarding a gradual interest rate increase boosted GBP/USD by 0.26% bringing up to 1.2883.

AUD/USD grew 0.55% in light USD sales and coming up to 0.7677.

USD/JPY lost 0.68% and is currently at 113.15.

Yet another safe haven during volatility: Metals also grew. Gold went up 0.28% reaching 1220.40, and silver gained 0.51% reaching 15.90.

In the world of commodities Oil prices dropped due to a lower than expected yield by US oil production shown in the weekly changes of oil production and reserves published by the US Department of Energy. Oil reserves saw a slip down to 7.564 million barrels a week, even though production was increased by 59K barrels a day.

This resulted in investors off-loading oil futures. This saw Brent drop by 1.00% slipping to 47.70, and WTI fell to 45.54 after losing 0.76%.

American stock on the other hand is trading in the green. Dow Jones gained 0.48% reaching 21532.5. NQ went up by 1.22% settling at 5783.6. S&P also had a gain, 0.66% going up to 2441.4.

EU indexes also experiencing an upsurge today. The FTSE gained 0.85% reaching 0.7420.7. The CAC went up to a level of 5223.4. The DAX is trading at 12641.1 after gaining 1.18%.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

STO Review

Source: https://www.stofs.com/en/newsroom/entry/GENERAL/fundamental-analysis-7132017-usd-eur-woes-and-safe-havens-see-a-boost/?camp=24219
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