October 6, 2017

FXPRIMUS, Busy ending of the week - NFP report, FOMC speech and Canadian Job data to be released today!

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Dollar Surges Ahead On NFP amid Positive Data.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The end of the first week of the QQQQ will begin with Halifax PMI at 07:30 and Haldane’s speech about public trust in institutions at the Royal Society for the encouragement of Arts, Manufactures, and Commerce at 12:00.

At 12:30 the Canadian and most importantly US Employment data will be released, the figures of which are expected to fall.

FOMC members Dudley and Kaplan will make a speech at the Council for Economic Education and at the Investing in America’s workforce Capstone Conference at 16:15 and 16:45 respectively.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro slumps to 6-Week lows versus Dollar on ECB minutes, series of positive US data. Euro struggled to keep price above the full retracement of 1.1695 this morning after it plummeted from a high of 1.1775 once Mario Draghi said that ECB is likely to keep the monetary easing program in play until year end. Price was pushed down due to a series of positive data from the US, that showed economic growth. Investors eye today’s NFP, so, it is likely wild price fluctuations won’t be seen ahead.
  • USDJPYDollar gains against Yen on Jobless Claims, maintains strength despite Japan wages data. Dollar-Yen appreciated from the strong support and the bottom of the range of 112.43, after the release of the Initial Jobless Claims came out better that the expected; figure of 266K. This morning, price moved to a fresh high of 113.02, piercing the strong psychological level. The positive Average Cash Earnings has limited effect to the bullish Dollar while investors look forward to today’s NFP release.
  • GBPUSDPound slides to a 1-Month low on strong Dollar, following doubts over May’s ability to govern. Sterling fell below the $1.32 level, breaking the ascending trendline started on the August 24 and the 200 4MA, and moving out from the bearish channel and below the 61.80% Fibonacci Retracement at 1.3120 on concerns over the future of May. Prime Minister Theresa May’s poor speech last Wednesday put pressure on Sterling amid a leadership battle while Dollar weighed in.
  • USOILOil price surges near $51.50 on probable deal to extend output cut. Crude Oil appreciated after reaching a low of $49.95 recently, as Saudi-Russia meeting could bring out a possible extension to output cut. Oil recovered after the recent slump earlier in the week, following a possible OPEC-led deal to cut output after Libya restarted its production. On other news, Iraq, Iran, and Turkey to unite against Kurdistan’s Oil sector.
  • XAUUSDGold plummets as Dollar gains momentum on positive data, tightening of monetary policy. Spot Gold dipped yesterday reaching the 38.20% Fibonacci Retracement and ascending trendline at 1267.9, after a bullish momentum in USD played in amid positive US data. On top of that, investors are in favour of riskier assets as tackling the balance sheet becomes more probable. The current level of the price is a very strong support, a break of which could initiate a further downmove.
  • In US, Indexes S&P 500 closed 0.56% higher while DJ appreciated a marginal 0.50%.
  • In Europe, UK 100 remained surged 0.54% while DE 30 closed marginally lower at 0.02%.
  • In Asia, ASX 200 jumped 1.00% while Hang Seng and Nikkei upticked 0.30 each%.
  • In stocks, Twitter surged 2.82%, Alphabet +1.90%.

Original Source: FXPrimus News

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