Daily Report: BoC Rate, CPI, Stocks Report and more to focus on today
Markets Mixed as Concerns over Russian Retaliation Ease.
FXPrimus has summarized the important market indicators of the day.
Today’s Important Indicators
Dollar was unchanged yesterday and risk somewhat subdued and a de-escalation on the latest geopolitical developments was seen in the markets.
Euro, Yen and Gold ended in balance against Dollar, Pound fell on poor wages and oil rose on API’s report.
Investors will focus on the European and British CPI, BoC Rate and EIA’s Stocks report.
Today’s Forecast for Important Trading Indicators
BTCUSD – Strong support at $7.9K could be signaling a further upside move in Bitcoin price. The price of Bitcoin remained unchanged on Monday yet the $7.9K per coin seems to be forming a strong support level as it was retested multiple times and held firm. Noting the MCDA coming to a “green” market this may prove to be the beginning of the second leg up.
EURUSD – Euro hits 2-weeks high following bullish start, retreats to daily open German Confidence. Euro long surrender at fresh 2-week high in the Monday session after reaching $1.2413 as the ZEW Economic Sentiment disanointed investors one more time. The pair held firm above $1.2350 and ended the session with an indecision candle just a day ahead of the European CPI. As long as 100 MA holds, price is likely to continue in a trading range or experience an upside move.
GBP/USD – Pound does a U-turn following pre-Brexit high of $1.4375 as UK wages disappoint. Cable declined on Monday following a temporary breakout to a fresh multiyear high as UK wages softened. Despite the early attempt from Sterling bulls and a 43-year low in unemployment the headline number dispirited initial bias ahead of the CPI release today. A retest of the $1.4243 could spark an upside momentum.
USDJPY – Dollar-Yen remains modest despite a solid US Housing report as Asian stocks fell. Dollar and Yen responded to market sentiment yesterday ending the session on a balanced note as both pushed higher on Housing Starts and declining equities respectively. With investors expecting no major economic indicators until the end of the week the pair is likely to reflect market risk. Price keeps the market sideways.
USOIL – Oil price retests $65.45, API positive supporting bulls in reaching a fresh multiyear high, WTI ended forming a “hammer” candle in the Monday session after investors led price lower in an attempt to lock some profits and following a draw in API inventories. With a bullish candle likely to influence traders EIA may have the last say as it could be a catalyst to a new breakout above $67.60/b.
XAU/USD – Gold steady for another session, next couple of days to set directional bias. Gold remained unchanged on Tuesday as the global geopolitics arena remained somewhat unchanged, trailing behind Dollar-Yen. Gold price remained below the descending trendline as projected yesterday, signaling that a downside pressure to the bottom trendline may be in play. Risk to be action factor for traders.
US Indexes – DJ rose by 0.87%, S&P 500 surged by 1.07%.
European Indexes – UK 100 rose by 0.26%, DE 30 increased a marginal 0.29%.
Asian Indexes – ASX 200 appreciated by 0.37%, Nikkei 225 soared by 1.42%, Hang Seng trades 0.47% higher.
US Equities – Twitter jumps 11.1% higher, Tesla falls by 1.21%.