May 25, 2018

FXPRIMUS, Daily Report: Import Car Tariffs Turn the Spotlight on Trade War Narrative

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What’s happening in the market today? Check out the important market indicators here!

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The Dollar Index ended Thursday’s session with a marginal bearish bias as market reaction to the “fresh” auto tariffs added a softness on risky assets.

Despite the intraday cautiousness, currencies traded sideways while safe-havens Gold and Yen rose as expected.

Inflationary Oil moved lower as OPEC considers first output increase after two years.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin price at knifepoint as price reaches $7k, criminal probe adds pressure. Bitcoin price continued trading on a negative note as the US Justice Department investigation on price manipulation keeps adding pressure on the cryptocurrency. Regulatory crackdown likely to increase confidence but so far it has kept the market in indecision mode, forming a “doji” candle at the 78.6% Fibonacci dip.


  • EUR/USD – Euro reveals signs of rebound, ends session mixed but to the upside as Dollar softens. Euro-Dollar stopped and marginally reversed following a rejection at the Fibonacci 38.2% confluence level near $1.1710. ECB minutes provided a somewhat positive spin to forward-looking guidance supporting Euro while Dollar weakened over a fresh trade war narrative.
  • GBP/USD – Pound slightly positive, eco data upbeat but GDP uncertainty stagnates activity. Cable attempted a careful rebound from the recent low at $1.3306 but the move was not sustained due to a shift towards risk averse assets. Though the move was thought to be well-protected due to the positive Retail Sales, the Pound ended the session mixed, yet with an upside bias. 2nd GDP at 08:30 GMT.
  • USD/JPY – Bears push price lower as trade war fears intensify, safe-haven Yen higher. Dollar lost over 100 pips in the Thursday session against Yen as trade war talks returned, bringing memories of March-imposed steal and aluminium tariffs. With a scheduled US-NK talk having been cancelled, the session was marked by intraday bearishness. Durbale Goods in focus today.
  • USOIL – Oil under pressure ahead of rig count, OPEC June agenda includes rise on crude output. Oil broke below the strong support at $71.50/b yesterday, confirming negative influence over supply concerns originating from Venezuela and Iran, as well as the rise in crude stocks. With OPEC meeting approaching and a possible supply increase after the June meeting, crude traders started to take profits, a move that may carry on beyond the 38.2% Fibonacci retracement.
  • XAU/USD – Gold back above $1,300/oz as expected, upside channel supports bullish prospects. Gold finally broke to the upside following six sessions of indecision as safe-haven demand rose after trade talks between US and North Korea were cancelled. In addition, probable US tariffs on imported automobiles reminded the March tariff correction, adding risk-off support to safe-haven Gold. Price rejected at lower channel, chances of further upside feasible.
  • US Indexes – DJ fell by 0.30%, S&P 500 saw a decline of 0.20%.
  • European Indexes – Both DE 30 and UK 100 trade 0.37% and 0.58% higher, respectively.
  • Asian Indexes – ASX 200 appreciated by 0.05%, Nikkei 225 alos rose by 0.05%, Hang Seng trades 0.45% lower.
  • US Equities – Exxon Mobil plunged by 2.29%, Twitter rose 0.30% higher.

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