FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Equities and the US DOLLAR tumbled in the Thursday session amid Trump’s announced tariffs on aluminium and steel.

EURO was the best performer while OIL and GOLD barely managed to close the session mixed after recovering most losses by day’s end.

Market participants look forward to May’s and Carney’s speeches.

Today’s Forecast for Important Trading Indicators

Market Movers

• EURUSD – Euro surges to 1.2264 while DOLLAR plummeted as the threat of a trade war rose. Euro-Dollar soared 110 pips from its intraday low of 1.2154 following a bad session for global markets as fears grew on Trump’s tariffs announcement. Although the tax tariff should have affected the equities rather than currency markets negatively, USD fell as investors’ fear the start of a new trend is right around the corner. Powell’s speech was somewhat dovish, adding bearish pressure to the DOLLAR.
• GBPUSD – POUND under pressure following EU Post-Brexit draft, support holds firm. CABLE hit a 7-week low following Wednesday’s dip yet managed to recover all intraday losses and closed above the strong support at 1.3760. The pair recovered the losses while US Dollar weakened as well as due to a better than expected Manufacturing PMI. May and Carney to set the tone for next week.
• USDJPY – DOLLAR inches lower versus YEN as Trump announces harsh tariffs on imports. YEN pushed DOLLAR 100 pips lower in the Thursday session following Trump’s announcement to strike tariffs on steel and aluminium imports and Powell’s somewhat dovish testimony. Despite US ISM reached a multi-year record the pair was overshadowed by increasing fears on Trump’s announcement.
• USOIL – OIL struggles to move higher despite a weak DOLLAR as US Shale dominates sentiment. WTI saw an intraday retracement at the 61.80% retracement near $60.20/b following a hard week on Shale production worries but managed to recover all losses on fragile DOLLAR. Investors likely to remain put during the last day of the week.

• XAUUSD – GOLD continues mixed as the balance of risks insists testing 1315 support. GOLD subdued to an intraday low of $1302 per ounce in the Thursday session as investors remain confused on political and fiscal developments in the US. The precious metal rose following investors’ flock to haven assets after Trump’s announcement. Price closed at the strong support of $1315 per ounce.

• US Indexes – DJ and S&P plunged by 1.68% and 1.33% respectively.
• European Indexes – UK 100 closed 0.52% lower, DE 30 -3.20%.
• Asian Indexes – ASX 200 fell by 0.78%, Nikkei 225 plummeted by 2.50 %, Hang Seng trades 1.55% lower.
• US Equities – Tesla dipped by 3.54 %, Twitter rose by 1.19%.