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June 8, 2018

FXPRIMUS, Daily Report: G7 Meeting On The Line, And Market Reaction To Trump’s Early Exit Comment

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Here is the important market indicators and economic news of the day!

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

USDJPY picked up some relative strength yesterday and in the early hours, waiting to see reactions from the G7 meeting.

Report on Gold shines bright light on the precious metal’s future, while Oil looks like it will continue to climb in the future despite the recent pullback.

Market participants will focus on the G7 meeting and CAD employment job numbers.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin stabilising after Mid-May drop. The price of Bitcoin in early May reached almost $10,000, but has been steadily dropping since, losing an approximate of 2500$ so far. The crypto-leading coin sends mixed signals, yet with demand likely to increase due to the lower price, we might have another 4th Quarter similar to what we saw in 2017.
BTC/USD 1-HOUR CHART

MARKET MOVERS

  • EUR/USD –Fresh support at 1.18 for the pair. The pair traded mostly above the 1.18 mark yesterday, which broke mid-day. No signs of that being a price that can lead to higher pricing, but it mostly looks like a support before it continues the downward ride. The day today starts with the pair heading downwards amid the G7 meeting, which is expected to have some impact on direction.
  • GBP/USD – June in favour of the pair. Since the beginning of June, the pair has started to pick up, following the major fall during end of April and throughout May. With Brexit approaching, and the Services PMI of May being higher than those in April, the pair was pushed to close on the high yesterday. Recent news on the resignation of the Brexit minister in case an end date is agreed might add pressure to the pair.
  • USD/JPY – Can the USD/JPY pair break even more support? Yesterday, the pair was trading on the bullish side, closing below the 110.00$ mark. Lower US treasury yields caused the pair to drop, yet with the G7 meeting and the meeting between President Trump and North Korea President Kim Jong-un coming up, we can expect clearer signs regarding this pair and others in the future.
  • USOIL –Oil set to bounce after 2-week drawback. Oil has been trading lower since the end of May when it hit highs, yet after losing Venezuela supply and with a potential reduction in the Iranian production, it looks like Oil prices will start heading higher. OPEC meetings and US production and inventories will determine and clear the ground for Oil prices.
  • XAU/USD – Gold is shining. Gold is currently trading below the 1300$ mark. After the highs reached mid-May, it has been experienced an overall downtrend, but recent forecasts predict that the precious metal will soon be breaking above the 1300$ mark, and expect that this time next year it will average above 1400$. To more recent news, we are waiting to see the reaction, if any, to emerge from the G7 meeting.
  • US Indexes – DJ closed 0.38% higher, S&P 500 fell by 0.07%.
  • European Indexes – UK 100 trades 0.10% lower, DE 30 1.04% lower.
  • Asian Indexes – ASX 200 appreciated by 0.20%, Nikkei 225 lost 0.56%, Hang Seng trades 1.82% higher.
  • US Equities – Tesla soared by 1.07%, Facebook gained by 1.65%.

Original Source: FXPrimus News

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