April 11, 2018

FXPRIMUS, Daily Analysis: FOMC Minutes, US CPI and UK Manufacturing Production reports are awaiting

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Friday’s NFP Keep Adding Pressure on Dollar.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Majors rose against Dollar yesterday while the Japanese Yen saw losses amid a market friendly speech from Chinese President Xi.

Euro, Pound, Oil and Gold all gained against Dollar, each with different momentum, Dollar gained against Yen.

UK Manufacturing Production ahead, but US CPI and FOMC Minutes to set market tone.

  • BTC/USD – Bitcoin steady above $6500, volumes decrease considerably as investors hold. Bitcoin has been in a somewhat tranquil mode over the past four sessions as volumes has decrease significantly yet price has maintained a position above the $6.5K hurdle. With cryptocurrency regulation likely to provide volatility price moves are expected. Most investors are waiting for the break of the descending trendline.


  • EUR/USD – Euro higher ahead of Draghi as Dollar widely weaker despite good data. Euro-Dollar rose to $1.2354 in the Tuesday session following another session of Dollar weakness as it maintained a down move since last Friday’s disappointing NFP as investors expectations are not too optimistic anymore. The pair gained nearly 40 pips, continuing with bulls since the rejection at the 78.6% retracement.
  • GBP/USD – Cable reaches fresh 2-week high as Dollar edges lower, Manufacturing Productions eyed. The British Pound ended a third consecutive session on the plus amid a broadly weaker Dollar as no events were due for the Pound in the Tuesday session. The pair closed at $1.4172, nearly 50 pips higher than the day’s open. Market participants look forward for the Manufacturing Production release at 08:30 GMT.
  • USD/JPY – Yen plummets against Dollar as trade war consenrs dissipate folowing Xi’s speech. Dollar-Yen rose nearly 45 pips yesterday after Chinese Presient Xi brought a calmness in trade war concerns following a market friendly speech regarding imports.The pair halted at the 50% Fibonacci retracement near 106.60 and continued its bullish move. Investors patiently wait for the inlfaqtion figures and FOMC Meeting Minutes for clues on directional bias as Dollar takes a breather from bears.
  • USOIL – Oil prices soar despite API reports inventory build, geopolitical unrest helps lift prices. WTI rose 3% yesterday despite API reported a surprise build of 1.758 million barrels as geopolitical unrest mainly to the suspected chemical attack in Syria weighed in. Prices reached a 10-day high at $66/b ahead of EIA’s report at 14:30 GMT today while Dollar remained broadly weaker, supporting the raise.
  • XAU/USD – Gold marginally higher despite risk-on appetite, daily candle forms indecision pattern. Gold appreciated nearly $3/oz in the Tuesday session following a broadly weaker US counterpart. Despite the decline in safe-haven demand investors seemed keen to buy some Gold in anticipation of a change in Fed’s outlook for future rate hikes. Gold currently trades just $5 below the $1350 handle.
  • US Indexes – DJ rose by 1.79 %, S&P 500 soared by 1.67%.
  • European Indexes – UK 100 fell by 0.21%, DE 30 saw a fall of 0.18%
  • Asian Indexes – ASX 200 depreciated by 0.44%, Nikkei 225 declined by 0.49%, Hang Seng trades 0.47% higher.
  • US Equities – Twitter climbed a massive 5.43% higher, Tesla followed with a 5.19 % increase.

Original Source: FXPrimus News

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