Fundamental Analysis 2017.08.24 – Jackson Hole Summit Begins

Yesterday’s trading session saw the US dollar trading in multiple directions against its major currency counterparts.
EUR/USD saw an increase of 0.32% largely as a reaction to Germany’s and the EU’s ZEW Survey data which was positive – and the pair is currently at 1.1798.
GBP/USD fell 0.30% stopping at 1.2785.
USD/JPY pair dropped 0.41% and stopping at 109.11. The main Yen-bolstering effect was the Nikkei Manufacturing PMI positive data.
AUD/USD is banded within the price range of 0.7880–0.7917. Australia’s positive Trade Balance data wasn’t positive enough to affect the pair’s dynamic.
Gold was banded within 1282.67–1291.37. Silver experience an 0.35% increase reaching 17.03.
Oil also grew, the publication of the EIA’s Weekly Crude Oil Stock helped this, showing a drop of 3.327 million barrels a week in US oil resources. It also showed a ramp up of US production to 9.528 million barrel per day from the previous 226,000. The primary focus of investors buying crude futures though, is US oil reserves declining for the 8th consecutive week. This boosted both Brent and WTI which grew 1.81% and 1.49% respectively.
US stock is currently in the red. The Dow slipped 0.48% and reaching 21795.0. NQ is fell by 0.62% stopping at 5836.2. S&P declined by 0.64% trading at 2437.6.
The FTSE saw a very slight fluctuation trading at 7390.6. The DAX lost 0.70% trading at 12170.7. The CAC reached 5121.8 after dropping 0.39%.
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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