Daily Analysis: a number of Speeches by Political Figures are awaiting today

FXPrimus has summarized important market indicators of the day.

Markets ended the Monday session somewhat mixed with DOLLAR and STERLING gaining marginally against YEN and DOLLAR respectively.

OIL was the best performer while GOLD close the session mixed as YEN paused following last week’s momentum.

Today, market participants will focus on various speeches coming from a number of political figures.

EURUSD – Euro pauses to last week’s top as political risks on Italian hung parliament weigh in. Euro-Dollar price formed an indecision candle in the Monday session following Sunday’s election in Italy as it ended with a hung parliament. With no economic indicators due in the session, the pair moved purely on political sentiment and the influence from the US counterpart. Following a triple bottom, the price could be heading all the way up to the top of the range, near 1.2540.

GBPUSD – POUND edges up following PMI yet gains marginal as Brexit uncertainty remains. CABLE reached a 3-day high in the new week moving to a daily high of 1.3877 amid a better than expected Services PMI report. Despite the positive developments on the economic front, the pair’s gains were marginal as the Brussels – London tension over Brexit escalates. STERLING trades lower so far for the day, near 1.38300.
USDJPY – DOLLAR inches higher as YEN halts with bullish momentum, US ISM beats estimations. DOLLAR gained ~75 pips yesterday following a weaker YEN and amid a better than anticipated ISM Non-Manufacturing PMI. DOLLAR lost ground against YEN all last week following Trump’s tariffs and Kuroda’s remarks on BoJ’s possible exit from stimulus. The pair is trading to its yesterday high above 106.20.

USOIL – OIL soars at least $1/b higher as demand increases, OPEC ministers support cut. WTI saw an intraday high at 62.65 per barrel following news that demand increases while stockpiles have been falling. In addition, an OPEC-led output cut boosted the prices higher, supporting the bullish sentiment. API report is due today, with EIA delivering their number tomorrow.
XAUUSD – GOLD mixed for a 4th consecutive session as trade war fears weigh in while YEN weakens. GOLD moved in a tight $2 range yesterday following a weaker YEN as fears over a trade war rose as well as a stronger DOLLAR owed to a good ISM reading. Trump warned lifting tariffs will be seen if NAFTA is signed, adding pressure to risky DOLLAR. GOLD trades around $1321.
US Indexes – DJ rose by 1.37%, S&P 500 by +1.10%.
European Indexes – UK 100 closed 0.65% higher, DE 30 soared by 1.49%.
Asian Indexes – ASX 200 surged by 1.09%, Nikkei 225 jumped 1.79% higher, Hang Seng trades 2.31% higher.
US Equities – Twitter upsurged by 4.79 %, Tesla fell -0.53%.