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June 13, 2018

FXPRIMUS, Daily Report: US Dollar taking centre stage with today’s Fed Rates and FOMC meeting

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Here are the Important Market 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

The pair of USDJPY continued its uptrend move after the positive signals from the yesterday’s meeting, and reports show further increase after today’s positive expectations.

Recent news on Gold show that the precious metal is ready to take a direction according to today’s news, oil, on the other hand, looks like it will drop further after recent news of increasing barrels.

Market participants will focus mostly on the FOMC and Federal Rates.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin hits 2 month low. The price of Bitcoin has hit a new two-month low yesterday and closing to the years lowest point of 6000$. The news about the Korean exchange being hacked on Sunday did have an after effect as the currency dipped, and recovered on Monday but dipped again on Tuesday, after reports of nearly 30% of the exchange coins were stolen worth about 40bn US dollars.
BTC/USD 15-MINUTE CHART

MARKET MOVERS

  • EUR/USD – Euro falling ahead of a series of USD news. The EUR/USD bullish trend gave some ground yesterday as the pair is testing the 1.173 level. Reports show that participants are priced in regarding the news for the FOMC and the Federal meeting, remaining more focused on what the second half of the year will bring for the pair.
  • GBP/USD – Testing the Downside. This is a testing week for the UK Government as the House of Commons discusses a series of amendments to the EU withdrawal bill. If the amendments are voted for, it is most likely that we would see further pressure on the pair. With all the previous eco news being disappointing for the British economy and no inflation report for the UK, the pair could soon test the 1.33 mark.
  • USD/JPY – USD continues the rally against the Yen. The US dollar has hit a 3-week high against the Japanese Yen ahead of the Fed Rates and FOMC meetings. Although the data coming from Japan were encouraging for the currency, the meeting between President Trump and Kim Jong-Un, albeit with little substance, seems to have eased things, helping the US dollar advance against the Yen.
  • USOIL – Oil keeps on falling. Oil prices dropped further yesterday after decisions of US Inventories decreasing the Oil barrel output. With news of Russia and Saudi Arabia meeting tomorrow for a rollback on Oil Cuts agreed with OPEC, we might see a further decrease in the price of oil.
  • XAU/USD – Gold awaiting the Fed news. Tuesday was a patient day for Gold traders, not much activity since the precious metal has been waiting for today’s Fed decision. With Chairman Powell most likely increasing the rates for the second time within the year, and the Press Conference following later, any signs of inflation could possibly see Gold hitting the 1300$ mark once again.
  • US Indexes – DJ closed 0.01% lower, S&P 500 rose by 0.17%.
  • European Indexes – UK 100 trades 0.43% lower, DE 30 unchanged.
  • Asian Indexes – ASX 200 depreciated by 0.51%, Nikkei 225 gained 0.42%, Hang Seng trades 0.48% lower.
  • US Equities – Tesla soared by 3.21%, Facebook gained by 0.45%.

Original Source: FXPrimus News

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