Daily Market Analysis
Find out more about which trading instruments are moving, and see which economic indicators to look out for, to update your trading strategy accordingly. Our Daily Market Analysis is provided by our in-house FX Market Specialist, Stavros Tousios.
Markets Mixed Despite Risk Appetite Signals, Fed’s Powell may Change Current Market Picture
US President Trump sided Russian President Putin over US intelligence services in Helsinki meeting and says he aims to develop an “extraordinary relationship”. In Beijing, the EU-China Summit found the two forces agreeing in what US president Trump resists on. China seemed keen to form an anti-Trump trade alliance with EU but the European Union won’t give in before action is taken on the current state of EU-China cooperation. Markets were hard to read and broadly mixed despite the meetings, a number of good earnings reports and a positive US Retail Sales, while Oil was in freefall on oversupply concerns. Although today’s action is questionable, marginal increase is likely during Fed Chair Powell’s Testimony.
Major Market Updates
EUR/USD – Eurodollar a tad higher but still mixed as EU-China Summit in Beijing had investors watching, rather than trading. Price firmly above $1.17 for another session.
GBP/USD – Sterling reverses early intraday gains as UK Prime Minister Theresa May faces rebellion after accepting amendments in Brexiteers’ Customs Bills, Cable remains mixed.
USD/JPY – Dollar-Yen unmoved as US investors not convinced by Retail Sales, Trump-Putin meeting or good earnings reports. Pair remains bullish above 112.20 while markets eye Powell testimony.
USOIL – Crude Oil falls 4% following news that Saudi Arabia will most likely increase supplies, commodity traders wait for API report and weekly stocks report.
XAU/USD – Gold strengthens up $1238/oz support following another price rejection, yellow metal forms indecision candle as markets remain somewhat muted.
US Equities – Tesla slid by 2.75%, Netflix saw 1.18% improvement.
US Indexes – DJ rose by 0.18%, S&P 500 fell by 0.10%.
European Indexes - UK 100 depreciated by 0.80%, DE 30 closed 0.26% higher.
Asian Indexes - ASX 200 lost 0.61%, Nikkei appreciated by 0.44% and Hang Seng trades 1.24% lower.
Kind Regards,
Stavros Tousios, FX Market Specialist, FXPRIMUS
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