September 6, 2017

FXPRIMUS, BoC Interest Rate Decision & Date Release from AU, US, Canada coming up today

Dollar Weakens As Confidence over Rate Hike Subsides.

This article is originally referred from FXPrimus News.

FXPrimus has provided the summary of important indicators of the day.

Today’s Important Indicators

A volatile session starting with Australia’s second quarter GDP and followed by the Canadian and US Trade Balance and BoC’s Interest Rate decision at 14:00 GMT.

Both CA and US Trade Balance report will be released earlier at 12:30 GMT.

US ISM Manufacturing PMI will also be released at 14:00 GMT.

Today’s Forecast for Important Trading Indicators

Market Movers

  • GBPUSDSterling rallies above $1.30 against Dollar, as latter remains weaker across the board. The British Pound appreciated 0.65% against the Dollar counterpart despite worse than expected Services PMI figures were released by Markit. U.S. The only economic indicator from the U.S. yesterday, Factory Orders, came out as expected, however, Brainard’s speech earlier at the Economic Club of new York weakened Dollar as remarks about a more gradual pace in increasing interest rates was made. The pair remains within the bullish channel seen below.
  • USDJPYYen rises on North Korea concerns while FOMC members limit confidence over rate hike. Dollar moved lower during yesterday’s session as safe-haven demand increased on N.K tensions. Yen rallied down to 108.50 reaching a week low at the descending trendline starting on the 16th of August. Dollar remains under pressure as threats over a second H-Bomb launch are still on the table and the pair could become too heavy for an hourly trendline to hold.
  • EURUSDEuro remains firm above $1.19 however moves higher against Dollar on weak data. The euro move managed to stay above 1.19 level during Tuesday’s session and currently trades above pre-NFP, as Dollar keeps weakening. Euro-Dollar remained almost unchanged due to disappointing PMI data from the Eurozone. Investors eye Thursday’s ECB rate to decide on their next move, however, the pair still trades with a bullish bias.
  • USOILOil breaks the $48.80 resistance confirming a strong upside move after U.S. refineries restart production. Crude Oil appreciated ~$1.5 yesterday rebounding from Hurricane Harvey as one of the biggest US refinery Motiva Enterprises started production. The refinery has been shut since the 30th of August. Word is that as soon as more refineries restart operations Crude prices could increase further, however, another major hurricane, Hurricane Irma, is around the corner and could destroy demand.
  • XAUUSDGold hits a fresh Year high on N.Korea worries, Fed rate hike dissipates. Gold reached a high of $1344.40 per ounce amid Fed policy-makers signalling caution on inflation and another rate hike while N.K crisis remains unchanged as conflict has not subsided. With tensions escalating Gold could move higher to new yearly highs.
  • In US Indexes, S&P 500 closed 0.76% lower while DJ depreciated 1.07%.
  • In Europe, UK 100 moved 0.52% lower while DE 30 raised 0.18%.
  • In Asia, ASX 200 depreciated 0.33%, Nikkei -0.14%% and Hang Seng -0.65%.
  • In stocks, BoA plummeted 3.24% while Tesla -1.63%.

Original Source: FXPrimus News

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