TODAY’S IMPORTANT INDICATORS
The Dollar Index hit a new 5-weeks high yesterday following a positive session for the US as the FOMC Minutes provided signs of another hike despite the debating front. Currency markets fell in response to a stronger Dollar, while the Yen rose further after Trump’s announcement for tariffs on import cars.
MARKET MOVERS
EUR/USD – Euro falls below 78.6% Fibonacci against Dollar, a 6-month low. Euro-Dollar moved beyond its recent low yesterday following a stronger Dollar and an array of poor EU-wide eco data. With the break below the Fibonacci dip, chances for a double bottom near $1.1555 increase. ECB Minutes could shift sentiment, provided that the price recovers.
EURUSD DAILY CHART
GBP/USD – British inflation figures disappoint, Pound lower as pace worst in 13 months. The British Pound broke the 38.2% Fibonacci decisively in the Wednesday session following a poor CPI release. Price may head towards the 50% level, yet we should expect the recent low at $1.3306 to break first. Retail Sales will provide further clues.
GBPUSD DAILY CHART
USD/JPY – Bears take over control following Trump’s announcement on car tariffs. Reversal on the Dollar-Yen now confirmed despite Dollar performing marginally stronger against most majors, as safe-haven Yen rose following Trump’s announcement regarding new 25% import tariffs on imported cars. The pair may have just formed a correction before heading higher, or could continue lower below 110. Reversal may not last much longer.
USD/JPY DAILY CHART
USOIL – WTI prices suppressed as EIA reports an inventory build of 5.8 million barrels. Oil moved lower for another session but losses were only marginal despite the huge inventory build in crude stocks. Price is still trading around the retest level of $71.50/b and, as long as it stays above that level, bulls are likely to retain control.
CRUDE OIL 4-HOUR CHART
XAU/USD – Gold ends session on a positive footing yet gains marginal. Gold has now provided a sixth day of indecision with yesterday’s indecisive session but ended the trading day on a positive note. Despite safe-havens being a tad higher, Yen seemed to be the choice of the day. As long as the ascending channel keeps price within, Gold is likely to move higher any minute.
XAUUSD DAILY CHART
US Indexes – DJ rose by 0.21%, S&P 500 saw an increase of 0.32%.
European Indexes – Both DE 30 and UK 100 trade marginally higher.
Asian Indexes - ASX 200 appreciated by 0.06%, Nikkei 225 plunged by 1.11%, Hang Seng trades 0.35 % lower.
US Equities – Bank of America declined by 1.46%, Twitter tilted 1.70% higher.
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