Know today’s market trend!
This article is originally referred from FXPrimus News.
FXPrimus had summarized the important market indicators of the day.
Today’s Important Indicators
The pair of USDJPY gained back, following the meeting of the US President with North Koreas Supreme Leader, breaking again above the 110 mark.
Recent news on Gold show that the precious metal is trading between support levels, while Oil which is still struggling to find a direction after recent news regarding OPEC, Saudi Arabia and Russia.
Market participants will focus on the British Average Earnings and US Core CPI.
Today’s Forecast for Important Trading Indicators
- BTC/USD – Bitcoin suffers. The price of Bitcoin suffered a huge plunge of $1000 over the weekend, falling from approximately 7700$ to 6700$. It has been trading within the 6600-6800 range ever since. The drop in BTC price came after news regarding a South Korean stock exchange hacking, potentially signifying that, if traders of BTC are not willing to buy at this price, we could even see a further drop in price, though a future bounce is not out of the question.
- EUR/USD – Was the latest uptrend a support for the new downtrend? Since May, Euro had been weakening against US Dollar until last week, when correction started to take place. During last week, the pair moved from trading in the low 1.17 to the high 1.17-1.18. Tomorrow, the ECB meeting and ECB might give some clearer signs regarding whether the upward movement seen last week was just a support for a new fall, or if the pair will continue climbing higher.
- GBP/USD – The overall downtrend continues. For the past few months, GBPUSD has been falling. With the economic news today about Average Earnings expected to remain unchanged, the pair could experience a further weakening of the British pound against the dollar. Signs of slowdown in the UK economy and decline in industrial production affect the pair and play their part in the downfall, while if a hint of a bounce doesn’t appear soon, we could see further UK disappointment.
- USD/JPY – USD gains back against the JPY. The US dollar started gaining back some ground against the Japanese Yen, mostly due to the agreement reached between the US and North Korea for decnuclearisation of the Korean peninsula. There are some signs that the pair will continue in favour of the US dollar ahead of tomorrow’s FOMC meeting.
- USOIL – Oil struggling to find direction. There is some uncertainty around Oil. OPEC and its allies are under pressure to increase oil production as Saudi Arabia and Russia are rethinking of reversing some of the production cuts, so as to offset supply disruptions from Venezuela as well as Iran following the sanctions the US imposed that will kick in later this year.
- XAU/USD – Golds’ uncertainty. Gold has started the week on the down side before recovering at the end of the trading session on Monday. The resistance of the 1300$ mark is still there where the precious metal is finding it hard to break above. Gold reacts to the effects of the G7 meeting spat between President Trump and Canada’s PM Trudeau, as well as today’s meeting between President Trump and North Korea’s Kim Jong-un.
- US Indexes – DJ closed by 0.02% higher, S&P 500 rose by 0.11%.
- European Indexes – UK 100 trades 0.73% higher, DE 30 0.60% higher.
- Asian Indexes – ASX 200 appreciated by 0.17%, Nikkei 225 gained 0.43%, Hang Seng trades 0.56% higher.
- US Equities – Tesla soared by 4.55%, Facebook gained by 1.29%.
Original Source: FXPrimus News