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.
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Markets Unmoved Despite Political and Economic Events, Yen Weak on Lack of Trade Tensions
Global markets traded sideways yesterday despite an array of data from major economies and political events. ECB’s minutes and the US Consumer Inflation did not get the attention they deserved and markets kept quiet on the British “white paper” too. Even Trump’s threat to pull out of NATO provided no action as lack of US-China trade tensions turned investor sentiment-neutral. Indeed, Yen was oversold, allowing Yen-denominated pairs to rise, but the gains were purely owed to lack of trade tensions. Today is also expected to be rather quiet, with few events on the calendar marking the end of the week.
Major Market Updates
EUR/USD – Eurodollar unchanged despite ECB minutes showing that ECB is ready to end quantitative easing by year end, price stable at $1.1670 as trading volumes disappointed.
GBP/USD – Pound mixed as Brexit white paper contains no strategy regarding Brexit, Brussels ready to analyse the document and start negotiations with the UK next week.
USD/JPY – US Consumer Inflation close to expectations, offering no opportunities to investors, weaker Yen owed to no escalation of trade wars between US and China pushed Dollar-Yen to a 6-Month high near 112.62.
USOIL – Oil prices stable following $3.5/b correction, proving that prices did not plummet 6% in a day due to Libya’s export terminals coming back online. Rejection by 50% Fibo seems like to the short-term stop for now, in case price declines.
XAU/USD – Gold a tad higher as a number of Yen sellers do not want to go all risky USD long, price per ounce firm above $1240 but near-term support $2 lower has sellers thinking.
US Equities – Netflix declined by 1.23%, Alphabet surged 2.58% higher.
US Indexes – DJ and S&P 500 rose by 0.91% and 0.61%, respectively.
European Indexes - UK 100 and DE 30 appreciated by 0.67% and 1.53%, respectively.
Asian Indexes - ASX 200 improved by a tiny 0.03%, Nikkei soared 1.85% higher and Hang Seng trades 0.16% higher.
Kind Regards,
Stavros Tousios, FX Market Specialist, FXPRIMUS
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