Today’s Important Indicators

Today at 12:30 the NAB will release its Business Confidence report followed by Debelle’s speech at the Pan Asian Regulatory Summit at 03:20.

Minor Eurozone reports will follow ahead of the GB Manufacturing Production and Goods Trade Balance reports, released at 08:30.

Canada will release its latest Building Permit figures at 12:30 followed by Kashkari’s FOMC opening remarks at the Regional Economic Conditions Conference.

Carolyn Wilkins is expected to participate in a panel at 18:00, discussing the “Systemic Risk and Macro-prudential Stress Testing”.

Today’s Forecast for Important Trading Indicators

Market Movers

• EURUSD – Euro tilts higher on a series of data ahead of Euro Group meeting, held on Monday. The Euro appreciated from an opening of 1.1737 to a previous high of 1.1778, confirming a ranging market; this was followed by a series of positive European data, while the US markets remained closed. The Euro is closely watched as the EcoFin meeting hosted in Brussels, is due today. Minor releases from Switzerland, Germany, France and Italy are to be reported.

• GBPUSD – Pound tilts up on labour unit cost upward revision, investors taking profits. The Sterling moved away from last week’s low of 1.3026 due to an upward revision of an inflation indicator as well as investors taking profits. On a politically calm Monday prices were corrected and are currently breaking the 100 HMA. Market participants are looking forward to today’s Manufacturing Production release.

• BTCUSD – Bitcoin ends Monday’s session on an all-time high, as analysts have expressed optimism on China. Bitcoin broke a strong resistance of $4680 during yesterday’s session and hit a fresh all-time high of $4860 amid analysts’ optimism on Chinese government dropping the exchange ban. Support from Taiwan on adoption of ICOs and Cryptocurrencies weighed in. The price could reach a psychological level of $5000 before investors start taking profits.
• USOIL – Oil marginally higher after last week’s 3.3% drop as “extraordinary measures” are to be taken to restore stability. Crude Oil appreciated marginally and moved away from the recent low of $49.30, however, continues to remain within a tight range. The tilt occurred after Secretary General said that OPEC could take “extraordinary measures” in order to restore the market strength. In the meantime, the situation with the Kurdish independence sparks worries over a civil war.
• XAUUSD – Gold surges on continuation of geopolitical tensions, possible safe-haven buying. Spot Gold raised to a high of $1288 early in today’s session as significant geopolitical events around the globe increased the appetite from risk-off assets. While the precious metal gained interest over the weekend due to; protests in Catalonia, Turkey’s visa restrictions and the US-NK word-battle, all helping prices move to fresh highs. Investors remain cautious as the latest FOMC meeting’s minutes are to be released tomorrow.
• In US Indexes, both S&P 500 and DJ fell 0.18%.
• In Europe, UK 100 declined 0.20% while DE30 saw an increase of 0.16%.
• In Asia, ASX 200 remained almost unchanged at +0.03%, Hang Seng appreciated 0.49%, and Nikkei climbed 0.64% up.
• In stocks, Tesla plummeted 3.91% while BoA followed with a drop of 1.37%.