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> Fundamental Analysis 2017.08.30 – US Dollar Recovers after Missile Crisis
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Fundamental Analysis 2017.08.30 – US Dollar Recovers after Missile Crisis

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Yesterday’s trading day saw US dollar gain against other G10 currencies.
This was largely due to the lack of macroeconomic data other than the Consumer Confidence Index (which was the highest it’s been in last 5 months) to pull the USD down and as markets sighed in relief over the N. Korean missile crisis.

ADP Employment Change publication is slated to be released at 14:15 (GMT+2) – forecasted at 185K up from the previous 178K and the Second Quarter Gross Domestic Product is scheduled to be released at 15:30 (GMT+2) which is also forecasted to increase from 2.6% to 2.7%. If expectations meet the actual figures then the USD will definitely be positively affected.

EUR/USD tested the max level of 1.2069 the pair went into correction 1.2970, which also seems to be its consolidation probably as they wait for today’s data releases – EU Consumer Confidence (at 11.00 +2 GMT) and German Inflation Rate (at 14.00 GMT +2). GBP/USD fell from a high of 1.2978 to 1.2927 as the USD went into correction. Mortgage Approvals and UK Consumer Credit is scheduled at 10:30 GMT+2.

USD/JPY saw a significant increase on Tuesday. It rose 0.61% reaching 109.90.

AUD/USD went up by 0.55% trading in the area of 0.7955, Australia’s Construction Work Done surpassing expectations largely contributed to this dynamic. In its second quarter, an increase of 9.3% was experienced in July up from the meager 0.9% of June.

Metal have been slipping since the USD went into correction. Gold lost 0.27%, after its multi-day climb 1311.52. Silver lost 0.63% and fell to 17.40.

Oil also fell slightly. Brent slipped to 51.36. WTI is in the region of 46.50 after losing 0.98%.

US stock is finally in the green. The Dow is currently at 21886.0 after opening 0.57% over yesterday’s closing price. NQ increased 0.98% to 5872.5. S&P also went up but by 0.66% and is currently trading at 2449.5.

European Stock was mixed. The FTSE opened at 7367.3. The CAC reached 5065.4 after a gain in the region of 0.28%. The DAX lost 0.60% slipping to 12018.7.

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-20170830-us-dollar-recovers-after-missile-crisis/?camp=24219
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