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January 24, 2018

FXPRIMUS, Gold & Oil market price moved higher with US Government Shutdown's risk appetite

WEF Meetings Continue, Markets Eye UK Employment.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Majors ended the Tuesday session higher against the DOLLAR as the US Government Shutdown uncertainty remains a problem.

A short-term agreement was put in place only until February 8th.

Both GOLD and OIL moved higher on risk appetite and IMF-led developments.

Markets will eye a series of PMI reports coming out form the EU, with daily highlight being the UK’s Employment reports and the weekly EIA OIL report.

Today’s Forecast for Important Trading Indicators

Market Movers

  • USDJPY – YEN gains on optimistic BoJ despite dovish Kuroda, US Gov funding extended till Feb. DOLLAR reversed its course against YEN amid BoJ’s monetary policy statement on an expansionary economy while the DOLLAR remained under pressure as uncertainty around a shutdown persists. Dollar-Yen closed the session just above the 110 hurdle. Investors wait for the Existing Home Sales at 15:00.
  • EURUSD – EURO gains for a 2nd consecutive session as German ZEW improves. EURO posted gains for another trading day heading for a potential breakout above 1.2335 following January’s Economic Sentiment release for Germany. In addition, the move was supported by an anticipated hawkish stance from ECB just a day before its policy rate and the ECB Press Conference. PMI reports in focus.
EURUSD 1-HOUR CHART
  • GBPUSD – CABLE pierces the $1.40, price subdues as psychological resistance causes profit-taking. STERLING traded to a fresh high since Brexit moving to a daily high of $1.4035. The bulls took control following a positive Public Sector Net Borrowing release for the April-December 2017 period, the lowest print since 2007. Markets eye today’s Employment reports at 09:30 GMT.
  • USOIL – WTI retests recent high at $64.60 despite a poor API report, rally likely to resume. CRUDE OIL rose as global growth was revised up by IMF during the first WEF meeting while Saudis pushed for OPEC coordination beyond 2018. Although the API report ended the 7 week large-draw streak in Crude inventories investor sentiment was mostly influenced by IMF and OPEC developments. EIA to report its own figures on Crude Oil stocks today at 15:30 GMT.
  • XAUUSD – GOLD moves higher as negative US-led fundamentals weigh in, precious metal bullish. Spot GOLD is heading towards the $1350 hurdle following a few sessions of slight correction as DOLLAR keeps sinking. Despite the US Gov Shutdown turned out to last for one working day, funding will last only until February 8, keeping the uncertainty in US influenced markets, hence, GOLD may head higher.
XAUUSD 1-HOUR CHART
  • US Indexes – DJ closed unchanged, S&P 500 rose 0.81%.
  • European Indexes – UK 100 appreciated by 0.21%, DE 30 surged 0.71% higher.
  • Asian Indexes – ASX 200 improved by 0.29%, Nikkei plunged by 0.76%, and Hang Seng trades 0.25% higher.
  • US Equities – Twitter plummeted 4.44%, Amazon soared 2.65%.

Original Source: FXPrimus News

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