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March 16, 2018

FXPRIMUS, Daily Analysis: Investors' focus on US Building Permits and EU Final CPI today

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Dollar Higher as Fed vs ECB Rate Differential Kicks in Ahead of FOMC Next Week.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Dollar rose as investors wait for a fresh direction signal next week while Euro fell on the recent soft ECB.

Pound remained under pressure with little downward change on Russian tension.

Gold fell with the shift in risk appetite while Oil held firm above $61.20.

US Building Permits and EU Final CPI on the spotlight today, 12:30 and 10:00 GMT respectively.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – Euro drifts to weekly open as interest rate differentials weigh in ahead of FOMC policy. Euro-Dollar fell to strong $1.23 in the Thursday session as investors started pricing in next week’s expected Fed interest rate hike. Price remained above the 50% Fibo retracement, however, nor the RSI or the MACD indicators signal this will to hold further. Euro has been somewhat soft since Draghi’s speech at the ECB Conference last Wednesday.
EURUSD 4-HOUR CHART
  • GBPUSD – Pound marginally lower as tension between UK and Russia over spy attack intensify. The British Pound traded in tad lower forming a bearish indecision candle yesterday as Kremlin said UK diplomats will be soon expelled from Russia. The pair did trade in a narrow range but ended the session with bears taking over some control. Price is currently near $1.3950.
  • USDJPY – Dollar-Yen mixed for another session as trade-off balances on geo vs good US data. Dollar-Yen was mixed yesterday as risk sentiment declined on the fresh UKRU tensions, yet, price on the pair did not decline as the US Dollar also saw counter-gains while investors seem to be pricing in next week’s FOMC. The pair is currently breaking yesterday’s low while investors focus on the US Building Permits.
USDJPY 1-HOUR CHART
  • USOIL – Oil closes unchanged as IEA’s demand pick counterbalanced with raising supply. WTI held firm above the $61.20 per barrel for another session despite the raising concerns on appreciating supplies as IEA reported that oil demand is likely to pick up further in 2018. Price ranged in a tight area between 60.85 and 61.55.
  • XAUUSD – Bears finally push Gold lower despite UK/RU tensions as Dollar strength outweighs. Gold moved lower in the Thursday session following a stronger US Dollar on positive Jobless Claims and an increase in risk appetite ahead of a widely expected US interest rate hike. The precious metal hit a low of 1350 but managed to recover some losses, closing the session at $1316/oz.
  • US Indexes – DJ rose by 0.47%, S&P 500 fell a marginal 0.08%.
  • European Indexes – UK 100 trades 0.01% lower, DE 30 0.09% higher.
  • Asian Indexes – ASX 200 rose by 0.45%, Nikkei 225 declined by 0.58%, Hang Seng trades 0.29% lower.
  • US Equities – Twitter plunged 2.19%, Exxon Mobil appreciated by 1.11%

Original Source: FXPrimus News

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