FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

DOLLAR continued moving higher as the equity markets recovery continued. EURO and POUND both fell reaching lower correction levels.

OIL fell on EIA report while GOLD fell as a result of mixed risk appetite.

Markets will focus on the BoE’ Inflation report and Interest rate decision.

Today’s Forecast for Important Trading Indicators

Market Movers

• EUR/USD – EURO deepens correction to 78.6% Fibo following EU forecast on inflation. EURO fell against DOLLAR breaking below the previous correction level of 1.2306 and reached a daily low at the 1.2244, where the next Fibonacci level betides. The pair edged lower following a poor German Industrial Production report and European Commission’s comments on subdued inflation. A German coalition after a stalemate of four months had no reflection in the markets either.
• GBP/USD – POUND continues sinking, breaks 50.0% Fibo versus DOLLAR as Halifax HPI disappoints. CABLE fell for a 4th consecutive session marking a weekly decline of 2.60%. The pair broke below $1.39 following a slump in the UK annual House Price Index growth. All eyes turn to the BoE rate decisions which is due today at 12:00 GMT.

• USD/JPY – DOLLAR struggles to move higher as risk aversion remains, Williams remarks uneventful. Dollar-Yen also declined in the Wednesday session despite FOMC member Williams hawkish remarks as investors maintained a somewhat low appetite to risk following the recent global equities sell-off. The pair pushed to 109.70 but sudsided following YEN’s strenth while the US Index broke the 90 level.
• USOIL – OIL slumps to 50.0% Fibo as EIA disappoints with yet another conflicting report. WTI broke below the $62.45 Fibo and retested the $61.19 50% Fibo following a poor EIA report on Crude Oil Inventories. The report came in conflict with API’s and also with the short-term energy outlook which saw changes in the projection of Oil production. Bulls gave up control yet the correction still keeps them in the game.

• XAU/USD – GOLD hits a 4-week low as the Equity market recovery continues. Spot GOLD lost 0.47% in the Wednesday session following a mild sell-off of safe-havens as the recovery in equities continued. GOLD ranged $20/oz during the trading session but closed at 1318, only $5/oz lower than the daily open. Investors remain cautious of the recent equities sell-off taking small positions.
• US Indexes – DJ fell by 0.08%, S&P 500 by -0.50%
• European Indexes – UK 100 soared 1.93%, DE 30 by 1.60%
• Asian Indexes – ASX 200 appreciated by 0.23%, Nikkei 225 by +1.13%, Hang Seng trades 0.25% higher.
• US Equities – Twitter surged by 6.62%, Alphabet declined by 2.68%