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> Fundamental Analysis 2017.08.31 – US Data Pushes USD up
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Fundamental Analysis 2017.08.31 – US Data Pushes USD up

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Yesterday the dollar gained against its currency counter-parts, a trend supported by macroeconomic data. ADP Employment Change surpassed expectations by far, 237K compared to the previous figure of 201K. GDP also experienced a significant increase in the region of 2.7% in Q2 up from the previous 2.6%.

EUR/USD dropped by 0.85% trading at 1.1868. Most investors will be on the look-out for the EU CPI scheduled to be released at 11:00 (GMT+2), and US Initial Jobless Claims publication slated to be released at 14:30 (GMT+2).

GBP/USD pair held strong even in lieu of positive US data. After a slight dip to 1.2877 the pair returned to the previous day’s highs of 1.2922.

USD/JPY traded at 110.50 after growing 0.27%. It received a further boost by Japan’s Industrial Production which came in under forecasts. Its MoM was –0.8% last month and YoY also dropped, to 4.7% from the 5.5% in June.

AUD/USD went down by 0.68% reaching 0.7897.

Metals are continuing their downward vector. Gold dropped 0.50% 1302.80. Silver lost 0.40% and is trading 17.32.

The change in EIA Crude Oil Stocks pulled the price of crude down, the report showed a decline of 5.4 million barrels a week as production ramped up to 9.53 million barrels/day. This information though reflected the pre-Harvey situation of Oil stocks. The incapacitated oil refineries actually had the opposite effect – causing oil stocks to increase due to diminished demand of crude. This caused Brent to lose 1.71%reaching 50.62. WTI also dropped, to 46.17 after losing 0.80%.

US stock is trading in the green. The Dow is in the area of 21912.0 after going up 0.19%. NQ also went up by 1.36% to 5944.1. S&P gained 0.50% to reach 2457.9. The FTSE reached 7384.4 after growing 0.27%. The CAC also went up by 0.48% trading at 5082.1. The DAX climbed to 12073.3 after growing by 0.68%.

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-20170831-us-data-pushes-usd-up/?camp=24219
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