Today’s Important Indicators

Inflation data is expected to trigger some significant moves in the British Pound today and confirm further gains or losses for Cable, whereas analysts expect the USD Building Permits to remain unchanged, adding more risk to the weak US Dollar.

Consumer Inflation data for Kiwi may stimulate some good opportunities to buy or sell.

Today’s Forecast for Important Trading Indicators

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Market Movers

• Strong Euro ready to test 1.1000 respecting Chancellor Merkel’s victory in North Rhine-Westphalia state election last weekend despite the slow start for traders on Monday’s opening. EURUSD traded ~140 pips above last Friday’s low, having traded at 1.0990 this morning.
• The British Pound pushed higher to ~1.29417 backed on USD weakness and to correlation with Oil. GBPUSD retreated lower ahead of May’s live Q&A reaching a daily low at 1.28804 during the Q&A only to re-bounce above 1.29000. Eyes on today’s inflation data.
• AUDUSD bounced back from last week’s lows amidst disappointing numbers on home loans owing to weaker USD and Oil boost. The Aussie found resistance at ~0.74500 and it’s currently testing the 0.7408 daily support. Investors focused on Monetary Policy Meetings this morning which added little interest as the Aussie saw minimum change.
• NZDUSD reached the highest level since last Thursday’s unexpected fall, shifted below 0.6900 but still in positive territories; investors waiting for inflation data release.
• USDJPY traded slightly higher on Monday despite USD weakness due to mixed Asian data. The pair may be affected by geopolitical risks and cyberattack spread concerns in Asia which may keep the pair below 114.50 Fibonacci level. In addition investors remain reluctant to sell expecting the Fed to raise interest rates.
• USDCAD was the best performer amongst the major pairs finding strength on the back of new agreement between OPEC and Non-OPEC nations.
• USDCAD remains above support at 1.36000, a break of which may trigger further downside moves reaching 1.35000 levels.
• Gold sentiment shows some element of strength after last week’s low hitting a 2-Week high at ~1237. The safe heaven pair closed above 1230 on Monday and may head further up due to political uncertainty in U.S
• Crude Oil +2% creates a new monthly high backed on decision of Russia and Saudi Arabia for extended 9-Month supply cuts. Oil has declined since and traded below $49/b. Currently it is trading around $49.30.
• Most of Asian Indices traded higher Monday with Nikkei closing lower.

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