Daily Analysis: US Retails Sales and PPI, EIA and the NZ GDP to be released today

FXPrimus has summarized the important market indicators of the day.

Market risk subdued with investors turning to safe-havens after news that Trump sacked US Secretary of State Tillerson.

Euro and Pound rose as EU could be exempt from US tariffs and on a UK upward growth revision by finance minister Hammond.

Oil fell while the safe-haven Gold closed marginally higher. US Retails Sales and PPI, EIA and the NZ GDP coming up next.

EURUSD – Euro gains 60 pips amid a weaker US counterpart, US tariffs exemption possible. Euro-Dollar traded higher in the Tuesday session following political news from the US that president Trump sacked US Secretary of State Rex Tillerson as well as due to the possibility of an EU exemption from the newly imposed US metal tariffs. Price on the pair got rejected at $1.24.

GBPUSD – Sterling up following half-year budget statement as OBR upward revises 2018 growth. The British Pound rose 55 pips towards $1.40 where price got rejected after an upward 0.1% revision of the UK 2018 growth. In addition, a weaker Dollar supported Cable nearing the psychological barrier. The 2-week high is a key level for investors as a break could take the price to fresh highs.
USDJPY – Dollar-Yen mixed as both US and Japan inflation indicators soften, risk appetite changed. Dollar and Yen were sold-off yesterday following soft US CPI and Japanese PPI figures as well as political developments in the US. Despite an intraday high of 107.00 following Tillerson’s dismissal the pair subdued to near its daily open at a close of 106.56, forming an indecision candle. Retails Sales and the US PPI will set the tone as investors patiently wait for the releases.

USOIL – WTI falls as fears over US Shale linger ahead of EIA despite OPEC’s efforts to cut supplies. WTI saw an intraday low at $60.20 in the Tuesday session as bearish sentiment continued pushing price lower following fears over US production. A better than expected API did not shift sentiment, however, supported bulls taking price to a daily close of $60.80 per barrel, where price formed an indecision candle. Investors look forward to EIA stocks today at 14:30 GMT.
XAUUSD – Gold appreciates as US political turmoil stimulates safe-haven demand. GOLD prices rose some $4/oz but reversed its course to a $13/oz increase following a daily low at $1314/oz. The precious metal rose as President Trump sacked US Secretary of State Rex Tillerson and due to a moderate CPI release, which was considered neither good or bad, but importantly, did not add any pressure bullish sentiment.
US Indexes – DJ fell by 0.68%, S&P 500 saw a decline of 0.64%.
European Indexes – UK 100 plunged by 1.05%, DE 30 -1.59% lower.
Asian Indexes – ASX 200 dipped by 0.40%, Nikkei 225 plummeted by 0.87%, Hang Seng trades a significant 1.0% lower.
US Equities – Twitter nosedived by 3.92%, Alphabet followed with a depreciation of 2.23%.