Today's Important Indicators
Global markets traded in a tight range in the July 4 session with no clear direction and mean reversions all around. Cable grew into the day’s exception on improved Services PMI. Commodities were also flat and less active as no meaningful events weighed in. Today is expected to be busier despite the widely anticipated NFP tomorrow as ADP, ISM, EIA and the Fed are delivering important reports.
MARKET MOVERS
EUR/USD – Euro remains indecisive versus Dollar as Euro-wide PMIs provide mixed signals. Euro-Dollar traded sideways yesterday, covering a range of 50 pips on mixed PMIs. Trading kept the pair’s sentiment bullish as price maintained a position within the ascending channel started on July 2nd. This morning is already proving the bullish bias as Euro flirts with $1.17.
| EUR/USD 1-HOUR CHART |
GBP/USD – British Pound retests dynamic trendline, takes off following Services PMI. Cable was seen to have decisively broken the dynamic descending trendline started on June 14 as price retested and was rejected. The pair closed 57 pips higher from the daily bottom of $1.3170 following a positive Services PMI report, the second PMI report favouring Sterling this week. Carney’s speech in Newcastle is likely to bring some action on.
| GBP/USD 4-HOUR CHART |
USD/JPY – Dollar-Yen offers no directional bias during quiet trade, markets muted. Dollar activity was poor yesterday with Yen not moving decisively either as safe-haven demand was dull during US Independence day. The pair ended the session flat having traded in a tight range of 30 pips. Today’s full US-based Economic Calendar will add volatility and offer many opportunities.
|
USOIL – Oil firm near multi-year high but no signs of either down or upward move appear. Oil was somewhat inactive on Wednesday with minor moves of the 0-60 cents small-scale having micro-impact on its price. Although the black gold remains near the multi-year high of $73.84/b, there are no signs of either exhaustion or confidence as price lingers around $73.80 for a third consecutive session. Traders eye EIA’s report.
| CRUDE OIL DAILY CHART |
XAU/USD – Gold traders attempt to push price higher, bid cold-hearted. Spot Gold rejection and reversion gave traders the confidence they needed to start increasing their net longs but yesterday’s attempt was weak amid a US bank holiday. Activity was slow and although an intraday high of $1261 was seen, price reversed back, close to its daily open, and formed an inverted hammer – a candlestick pattern considered to be a reversal signal.
XAU/USD DAILY CHART
US Indexes – US Indexes markets were closed in observance of the US Independence Day.
European Indexes - UK 100 and DE 30 rose by 0.37% and 1.04%, respectively.
Asian Indexes - ASX 200 appreciated by 0.47%, Nikkei declined by 0.78% and Hang Seng trades 0.37% lower.
US Equities – US Equities markets were closed in observance of the US Independence Day.
Risk Disclaimer:
Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary. Read our full risk disclosure.
.Any opinions, news, research, analyses, prices or other information contained on this email or linked to from this email are provided as general market commentary and do not constitute investment advice. FXPRIMUS does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.