FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Euro saw massive gains yesterday while USD/JPY price action kicked in.

The British Pound also saw great breaking above the $1.35 ahead of the Manufacturing PMI.

Big moves seem to have been influenced by the end of November. Regarding opportunities, market participants are expecting some major Canadian and US data.

Today’s Forecast for Important Trading Indicators

Market Movers

• EUR/USD – Euro surges above $1.19 for no apparent reason despite Euro-wide disappointing data. The pair found bulls increasing net-longs after a retest of the $1.1820 level as Euro started falling versus the Dollar following a bad CPI release. Although technicals supported the move, fundamentals seem to provide no clues on bulls’ reaction apart from the negative development around US Yields and US Tax concerns, which could be a possible reason investors’ currency of choice is Euro.

• USD/JPY – Dollar extends gains against Yen farther on fundamental developments on both US and Japan. Dollar reached a fresh 1-week high at 112.70 following positive releases from the US and a negative Inflation print from Japan. The pair weakened amid Euro’s strength yet managed to recover promptly, breaking the 112.50 level and eventually reaching the 261.80 Fibonacci Extension. Investors may look in to the ISM Manufacturing PMI at 15:00 to locate any possible opportunities.

• GBP/USD – Pound moves higher amid positive Brexit developments, good data on Housing Prices. The British Pound saw another superb session having grown a total of ~140 pips against Dollar on hopes that a 2-Year Brexit transition period is likely to be offered as early as January. With Sterling hitting $1.3550 and investor sentiment swapping to longs the pair seems prone to reaching fresh highs.
• USOIL – Oil remains steady on mixed reports around the agreed extension period of Oil production cut. Oil-rich nations have agreed to extend Oil supply cuts by 9M to the end of 2018 with Libya and Nigeria in the deal and a June 2018 review; a development not welcomed by the markets. Despite the fact that announcements by media had investors concerned, reports that a June review is inaccurate filled the market with uncertainty, ending up with Oil closing the session at the open price.
• XAU/USD – Gold plunges lower on a stronger Dollar, forms a double bottom at $1270/oz. Spot Gold fell $14 following reports from the US and a weak Inflation print from Japan yet managed to recover some losses closing the session at $1275/oz. Despite the precious metal being under pressure, the 200 DMA seems to be holding price firm and with a bullish bias. The investor sentiment is likely to be affected by the US Senate Tax Bill developments, along with the US Dollar.
• US Indexes – DJ jumped 1.39% higher, S&P 500 rose by 0.82%.
• European Indexes – UK 100 trades 0.14% higher, DE 30 a tad higher.
• Asian Indexes – ASX 200 appreciated by 0.30%, Hang Seng trades 0.33% lower.
• US Equities – Apple improved by 1.40%, Amazon followed with 1.33%.