Today, market participants are expected to focus on the Bank of Japan’s monetary policy.
This article is originally referred from FXPrimus News.
FXPrimus has summarized the important market indicators of the day.
Today’s Important Indicators
The pair of USDJPY climbed above the 110$ mark following strong data on US economy, and with the BOJ monetary policy expected today to remain unchanged, it seems that it will most likely retain the trend.
Recent news on Gold show that the price could be heading even higher after support found at 1300$, while Oil traders have to wait until June 22 for the meeting between OPEC and non-OPEC producers.
Today’s Forecast for Important Trading Indicators
- BTC/USD – Bitcoin forms support following lows. After hitting lows by trading around 6100$ per coin, Bitcoin has found some support at 6200$. Analysis shows that price is likely to climb over the levels of 6500$, 6600$ and 6800$ if yesterday’s uptrend continues.
- EUR/USD – ECB refinancing causes chaos. At the ECB meeting yesterday, President Draghi announced that ‘rates will remain unchanged until the summer of 2019.’ This, as well as Wednesday’s and yesterday’s positive news for the US Dollar, caused the pair to lose around 200 pips, dropping from 1.18 to below 1.16.
- GBP/USD – GBP under a lot of pressure. With the eco data from the US and the ECB having a positive effect on the US dollar, GBP/USD fell even lower to below the 1.33 mark, losing more than 150 pips from what it had gained in the previous days. Without any news coming from the UK or the US today, this will most likely be an uneventful trading day for the pair.
- USD/JPY – Bank of Japan Monetary Policy. Though Yen tried to pick up some strength against the dollar, yesterday’s positive US data as well as ECB data helped the dollar climb back above 110$ against the Japanese currency. The overall trend is expected to continue, with the BOJ monetary policy today expected to remain unchanged after the BOJ decision to decrease its bond buying.
- USOIL – Closing in on 67$ per barrel. Oil prices have gone upwards during pretty much the whole week. There is a meeting between OPEC and non-OPEC Oil producers on June 22 and a deal on adjusting oil production to support world needs as well as current oil prices seems imminent.
- XAU/USD – Gold reaches June high. Gold price managed to break through 1300$ and reached a June high, climbing over the 1309$ mark. It has since declined yet is still trading above 1300$. Reports suggest that if Gold finds support at the 1302$ level, we could potentially be looking at higher figures in the future.
- US Indexes – DJ closed 0.10% lower, S&P 500 up by 0.25%.
- European Indexes – UK 100 gained 0.81%, DE 30 gained 1.68%.
- Asian Indexes – ASX 200 appreciated by 1.27%, Nikkei 225 gained 0.41%, Hang Seng trades 0.16% lower.
- US Equities – Tesla soared by 3.75%, Facebook gained 2.29%.
Original Source: FXPrimus News