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> Fundamental Analysis 2017.08.16 – USD is Strengthening, EU Stocks Grow
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Fundamental Analysis 2017.08.16 – USD is Strengthening, EU Stocks Grow

STO

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Yesterday’s trading day saw the USD gain against other G10 currencies. US Retail Sales data, which surpassed expectations at 0.6% against the estimated 0.4%, greatly benefited the dollar. Many investors ended up rapidly purchasing the currency – some even buying back the currency they sold just a few days ago – resulting in the Dollar’s rapid climb.

Correction followed closely though, but still managed to stay in the green and keep some of its gain.

EUR/USD slip by 0.35% and is currently in the region of 1.1738. Eurozone GDP publication is going to be significant even, is scheduled to be released at 11:00 GMT+2.

GBP/USD was the pair that saw the biggest drop; 0.73% stopping in the area of 1.2860. Although US Retail Sales data was positive, lackluster UK Consumer Price Index put pressure on the pair. Investors will be on the look-out for British employment data.

USD/JPY gained 0.89% and trading at 110.60. Asian markets are up, the dollar is up and market sentiment regarding the US/N. Korean frictions have calmed -all contributing to this climb.
AUD/USD lost 0.25% and is currently at 0.7830 due to a hawkish RBA and positive USD retail data.

Stability, growth and USD positive data is off-course contributing to a drop of metals. Gold is at 1270.60 after slipping 0.68%. Silver fell by 2.23% reaching 16.67.

Oil prices are increasing on the other hand, after the API’s report on Crude Oil Stocks change showed a decrease of the commercial oil reserves in the US by 9.200 mln/barrel a week. Data is hinting towards today’s EIA Crude Oil Stocks report, scheduled for 16:30 GMT+2, showing a observable depletion. This caused Brent to go up by 0.57% reaching 50.80. WTI also saw a price gain of 0.53% and is currently trading at 47.85.

US stock is currently trading in the red, while indices remained unchanged. Dow Jones lost 0.30% and is currently trading around 21980.5. NQ also lost - 0.09% and is now at the 5901.9 price level. Finally, S&P lost 0.06% reaching 2462.9.

EU Stock is trading in the green. The FTSE went up 0.52% reaching 7398.6. The CAC gained 0.48% and is currently at 5145.7. The DAX also saw an increase in the order of 0.33% and is trading in the region of 12209.8.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/DAILY_MARKET/fundamental-analysis-20170816-usd-is-strengthening-eu-stocks-grow/?camp=24219
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