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April 3, 2018

FXPRIMUS, Daily Analysis: Market's focus on European and UK PMIs today

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Currency Markets Flat, Gold Higher Amid Trade Uncertainty.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the market indicators of the day.

Today’s Important Indicators

Currency markets kicked off the week on a mixed note as most banks remained closed in observance of Easter Monday.

Oil fell on trade war risk and increasing output while Gold climbed higher. Today, market participants will focus on European and UK PMIs.

Today’s Forecast for Important Trading Indicators

MARKET MOVERS

  • EURUSD – Euro trades in tight range against Dollar on quiet Easter Monday, $1.23 holds firm. Euro-Dollar range-bounded between 1.2344 and 1.2281 in the Monday session ending the trading day unchanged as market activity was slow. The market action had price closing above the ascending trendline starting on March first, respecting the $1.23 psychological support following a rejection at the 61.80% Fibonacci retracement.
EURUSD 4-HOUR CHART
  • GBPUSD – Cable tests 50% Fibonacci retracement at $1.4010, market illiquid during bank holiday. Sterling remained unchanged for another session as the 50 Fibonacci retracement becomes stronger while price remains above the ascending trendline started on March first (similar to Euro-Dollar). With markets reopening today, Pound traders look forward to the Manufacturing PMI release to gauge a directional fit.
  • USDJPY – Dollar-Yen sees downward pressure on poor ISM but daily close pauses to 50% Fibonacci. Dollar closed 30 pips lower versus Yen, however, the daily candle formed provided investors with no clues as a battle between bulls and bears weighed in. The pair stopped at 105.87 following a daily low of 105.65 as US Manufacturing activity slowed. Upcoming speeches today are likely to play a key part for directional bias as no economic indicators are due.
USDJPY 1-HOUR CHART
  • USOIL – OIL plummets $2/b amid raising production and a US-China trade war escalation. WTI saw an intraday low at 62.83 per barrel following news that Russian Oil production is increasing despite an agreement with OPEC to cut production. In addition, the risk of a trade war between US and China rose dramatically after China’s tit-for-tat with US. API reports Oil stocks today.
  • XAUUSD – Gold soared $20/oz higher in quiet trade as China retaliates US with tariffs. GOLD rose to an intraday high at $1345/oz yesterday following tariff battles between US and China as the latter respondent to trump’s tariffs on metals. The precious metal could move even higher taken into consideration that the trade war just started all the while US indicators record poor figures.
  • US Indexes – DJ fell by 1.90%, S&P 500 by -2.23%.
  • European Indexes – UK 100 opens 0.58% lower, DE 30 -0.72%.
  • Asian Indexes – ASX 200 lost 0.17%, Nikkei 225 declined by 0.45%, Hang Seng trades 0.47% higher.
  • US Equities – Amazon plummeted by 5.21%, Tesla by -5.13%.

Original Source: FXPrimus News

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