TODAY’S IMPORTANT INDICATORS
Dollar traded lower yesterday following a series of strong sessions and positive indicators as the ISM reported a worse than expected figure. Euro, Oil and Gold traded higher while Pound remained unchanged on disappointing data. Market participants patiently wait for the monthly Jobs report.
MARKET MOVERS
EURUSD – Euro higher despite poor European data and hawkish FOMC as US PMI disappoints. Euro-Dollar closed 35 pips higher on Thursday yet walked into a consolidation range between 1.1950 and 1.1985. The pair rose following a number of economic indicators from the EU and US, as the latter let Euro bulls take price higher just a day before NFP and following a retracement at the 61.8%.
EURUSD DAILY CHART
GBPUSD – British Pound mixed as Dollar losses counterbalanced by poor UK Services PMI. Cable remained unchanged during the Thursday session despite the generally bearish momentum that has been developing over the past few trading days and the broadly weaker Dollar yesterday, as the UK delivered yet another poor Services PMI report. With no indicators on the calendar today for Sterling, the US Jobs reports is likely to dominate. The 50% retracement is likely to hold until then.
GBPUSD DAILY CHART
USDJPY – Risk aversion ahead of NFP supports Yen bulls despite Japanese Bank Holiday. Yen pushed higher against Dollar yesterday following the piercing of 110 on Wednesday, taking advantage of data disappointment in the US. With NFP approaching, trading is likely to be moderate ahead of the event, however, risk sentiment will increase. Fibonacci to be watched closely.
USDJPY 4-HOUR CHART
USOIL – Oil demand rises following reduction of Saudi Arabia crude exports. WTI corrected down to $67/b once again, the bottom of the rangebound market where price halted and recovered earlier losses, as demand for Oil increased. With energy minister reiterating prices could head higher while the China – SA debate on high prices continues.
CRUDE OIL 4-HOUR CHART
XAUUSD – Gold tilts higher after $1302/oz as yielding Dollar suffers a pullback. Gold fell to $1302/oz once again this week as Dollar saw a pullback following a number of positive USD events including a recent Q1 GDP growth and a hawkish FOMC. The dollar moved lower as ISM disappointed, allowing the precious metal to move a tad higher. Price lays at a critical junction; NFP depended.
XAUUSD DAILY CHART
US Indexes – DJ was mixed, S&P 500 fell by 0.23%
European Indexes - UK 100 closed 0.37% higher, DE 30 +0.45%
Asian Indexes - ASX 200 declined by 0.51%, Nikkei 225 lost 0.16%, Hang Seng trades 1.04% lower
US Equities – Twitter rose by 0.39%, Tesla plummeted by 5.55%
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