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June 14, 2018

FXPRIMUS, Daily Report: ECB Meeting, British and US Retail Sales, Gold and Oil

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FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The pair of USDJPY traded on the bearish side yesterday and started the trading day today falling below the 110$ mark.

Gold managed to break above the 1300$ mark during yesterday’s trading session, with reports showing it could head even higher, while Oil gained back, climbing above 66.5$ per barrel, despite President Trump hitting at OPEC.

Market participants will focus mostly on the ECB Press Conference and Refinancing Rates as well as the Retail Sales in GBP and USD.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin recovers after hitting low. Yesterday, Bitcoin recovered a little since hitting the two-month low on June 13. During the last few months, positive news seems to give little push to the cryptocurrency, while some negative news cause it to plunge. While the 6000$ level seems a strong support, it yet remains to be seen whether we will have new lows in the near future.
BTC/USD 30-MINUTE CHART

MARKET MOVERS

  • EUR/USD – Euro on the uptrend amid ECB meeting. The Euro has been on an uptrend since the Fed rate increase yesterday. Today’s ECB press conference will reveal the main refinancing rates which could prove pivotal for the direction of the pair. Despite hitting June high, the pair is trading within a normal range. This could potentially change according to the results of today’s meeting.
  • GBP/USD – Challenging a new high mark. After yesterday’s eco news from the US, the pair has started to pick up, reversing the downtrend in place since June 7. Overall, signs regarding GBPUSD are mixed due to the pair trading up and down within a small range. Anticipating the ECB’s refinancing programme today to see whether and to what extent this pair is affected.
  • USD/JPY – Fed rates do not help the pair as Yen picks up. The Fed rate hike during yesterday’s meeting had a negative effect on USD/JPY, with the pair falling all the way down and below the 110$ mark.
  • USOIL – President Trump hits at OPEC. Oil prices have gone upwards during the end of yesterday’s session, despite President Trump tweeting that ‘’OPEC is at it again’’, implying that they cause prices to be virtually higher than what they actually should be. Meanwhile, India and China are ready to work together in buying barrels to seek better bargains from Oil exporters.
  • XAU/USD – Gold finally breaks through 1300$ mark. Gold price managed to break above 1300$ per ounce in yesterday’s trading session. Reports coming from banking institutions show that Gold prices might head close to 1400$ during the third quarter of the year and above this mark in 2019.
  • US Indexes – DJ closed 0.47% lower, S&P 500 fell by 0.40%
  • European Indexes – UK 100 trades unchanged, DE 30 gained by 0.38%.
  • Asian Indexes – ASX 200 depreciated by 0.12%, Nikkei 225 lost 0.90%, Hang Seng trades 0.98% lower
  • US Equities – Tesla soared by 0.59%, Facebook gained by 0.01%

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