TODAY’S IMPORTANT INDICATORS
Dollar tilted marginally higher yesterday on signs of a stronger US economy and on de-escalation of risk as geopolitics lose traction, however, uncertainty is still on the table. Euro, and Gold help firm while Oil hit a multiyear high on successive stocks report. Elsewhere, the British Pound fell the following inflation. Market participants will focus on UK Retail Sales, the US Unemployment Claims and an array of speeches from bank members.
MARKET MOVERS
EUR/USD – Euro retraces early gains from a daily high of $1.2395 as EU Inflation disappoints. Euro ended trading sideways in the Wednesday session against Dollar for a second consecutive trading day as inflation data from Europe came out 0.1 basis points worse than anticipated. The 55 pips range could be maintained as no major news are due from either EU or US.
EURUSD DAILY CHART
GBPUSD – Pound ends session 90 pips lower as inflation figures crash positive momentum. Cable lost its bullish momentum from recent pre-Brexit high following a poor inflation reading. The pair fell sharply as UK delivered weak wages report earlier in the week. It is certain that today’s Retail Sales will be the catalyst while Pound-Dollar trades below $1.42.
GBPUSD 4-HOUR CHART
USDJPY – Dollar-Yen posts marginal gains yet uncertainty over geo a key compenent for risk appetite. Dollar-Yen saw a little upside move yesterday as no news on the recent US – China trade war or Russian retaliation of US strike to Syria were in play. The pair was rangebound in a 40 pips market while no US eco indicators were due. Market wait for the Jobless Claim but keep an eye on risk events too.
USDJPY 1-HOUR CHART
USOIL – Oil breaks recent multiyear high as API boost confirmed also by EIA, price poised for higher levels. WTI ended Wednesday’s session at $68.70 per barrel, a high not seen since December 2014, following a weekly positive report from EIA. With the recent breakout above $65.45/b it is a matter of time for traders to decide on a momentum shift or build up.
OIL DAILY CHART
XAUUSD – Gold steady for another session but candle ends outside triangle pattern. Gold remained unchanged on Wednesday as the global geopolitics arena remained cooled-off for another day and market risk was subdued. With price breaking outside the triangle pattern chances of an upside move increase. Investors eye the US Jobless report and FOMC members speeches.
XAUUSD 4-HOUR CHART
US Indexes – DJ closed 0.16% lower, S&P 500 rose by 0.08%
European Indexes - UK 100 trades 0.08% higher, DE 30 0.24% lower.
Asian Indexes - ASX 200 appreciated by 0.34%, Nikkei 225 gained 0.15%, Hang Seng trades 1.17% higher.
US Equities – Tesla soared by 1.97%, Facebook plummeted by 1.36%
Stavros Tousios is an experienced forex market specialist who provides insightful market analysis to traders of popular currency pairs, stocks, commodities and indices. With a focus on technical analysis, he closely analyses present and historical market data in order to provide our clients with any relevant information which may help in making their strategic trading decisions.
https://twitter.com/StavTous
Risk Disclaimer:
Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary. Read our full risk disclosure.
Any opinions, news, research, analyses, prices or other information contained on this email or linked to from this email are provided as general market commentary and do not constitute investment advice. FXPRIMUS does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.