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March 8, 2018

FXPRIMUS, Daily Analysis: Investors' focus on ECB Monetary Policy Statement and Rate Decision

Trump to Sign Metals Tariff, Markets Mixed Ahead of ECB.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The currency markets traded sideways yesterday following Cohn’s resignation and the uncertainty over Trump’s tariff, GOLD and WTI continued to experience strong fluctuations while equities seemed to start preparing for the metal tariffs.

Today, investors are looking forward to receiving clues on ECB’s forward at the Conference following the bank’s interest rate decision.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – Euro investors digest recent gains ahead of ECB while US tariff uncertainty lingers. Euro-Dollar traded sideways in the Wednesday session paring the recent consecutive daily gains as investors started preparing for ECB. The pair traded in a narrow ~60 pips range between 1.2386 and 1.2440 while anticipated subtle hints on ECB’s QE are expected.
EURUSD 1-HOUR CHART
  • GBPUSD – STERLING unchanged during quiet trade, ends the session at 1.3888. The British Pound was illiquid in yesterday’s session as no economic indicators were due and price remained subdued even after Tusk’s remarks toward Prime Minister May to soften UK’s position. With no indicators in the calendar today the pair is likely to trade sideways too.
  • USDJPY – YEN posts small gains intraday, DOLLAR reverses course on positive ADP NFP. DOLLAR closed the session forming another doji (indecision) candle despite the fact that the Japanese Yen ticked higher intraday on risk aversion. The pair was pushed down to a daily low of 105.45 however, investors took opposite action following ADP’s employment report. Today’s Unemployment Claims in focus.
USDJPY 1-HOUR CHART
  • USOIL – EIA reports better than expected build but WTI falls as stocks rise for the second week. WTI saw an intraday low at $60.50 per barrel following EIA’s report on the Crude Oil Inventories as stocks rose for a second consecutive week. Investors remain cautious as US output keeps global OIL markets sufficiently supplied. OIL currently trades at $61.
  • XAUUSD – GOLD gives up most Tuesday gains as Employment report from ADP ticks higher to 235K. GOLD posted sharp losses in the Wednesday session following ADP Nonfarm Payrolls tick to 235K while economists had expected a figure of 199K. The precious metal declined ~$11 for the day as investor risk appetite for Friday’s NFP shifted.
  • US Indexes – DJ fell by 0.33%, S&P 500 a marginal -0.05%.
  • European Indexes – UK 100 rose by 0.16%, DE 30 soared 1.09% higher.
  • Asian Indexes – ASX 200 appreciated by 0.53%, Nikkei 225 tilted 0.52% higher, Hang Seng trades 1.63% higher.
  • US Equities – Twitter upsurged by 3.86%, Exxon Mobil plummeted by 2.54%.

Original Source: FXPrimus News

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