Today’s Important Indicators

A highly volatile Wednesday with news releases coming out from China, UK, US and New Zealand.

China releases its monthly industrial output data in the morning while later on the day, UK is expected to release data on average earnings; including bonuses.

US core CPI and retail sales data will be released ahead of the oil inventories and FOMC’s crucial decision on an interest rate hike.

Investors could stay tuned all day and take advantage of the number of opportunities that may arise in the markets.

This busy day will close with the release of the NZD q/q GDP data.

Today’s Forecast for Important Trading Indicators

Market Movers

  • Sterling rose after shock election result amid solid May inflation report. Investors have been scrambling to anticipate fresh scenarios for the UK ahead of monetary policy meeting and Brexit negotiations, whilst GDPUSD was pushed 0.72% higher as inflation hit a 4-year record high. The pair closed above the daily 100 EMA on Tuesday’s close, finding resistance at the weekly 1.27432 level.
  • Loonie dominates for a consecutive session on BoC hawkish comments, hits a 4-month high. USDCAD was down 0.72%. hitting a February low as Poloz announced that the 2015 interest rate cuts started gaining momentum. The pair found support around key 1.32200 levels, while dollar remained weak against the basket of majors ahead of FOMC meeting.
  • USDJPY remains unchanged on US interest rate hike bets while inflation and wage growth stubbornly weaken. The dollar moved in a range against Yen ahead of Fed and BoJ decision on a rate hike this week. A mixed session for the pair, finding a range between 110.227 and 109.951. Eyes on monetary policy.
  • Euro-dollar steady on mixed German data, trades in a range amid Eurozone political uncertainty and Euro clearing. Euro almost remained unchanged on Tuesday’s session owed to U.S data release despite increased fears of euro clearing business relocation to Brussels. EURUSD moved between 1.119554 and 1.12248 on Tuesday, closed above the hourly 50 EMA.
  • Aussie ranges between 0.75278 – 0.75582 levels despite positive NAB. AUSUSD moved into a range for another session even with a bullish pre-data session on Chinese loans. The pair was supported by commodities sentiment and investors’ calmness on dollar, despite 90% expectation of a rate hike.
  • Oil gains 0.87% for a consecutive session on Saudi pledge to cut supply despite losses during earlier session. Yesterday, the black gold closed above the $46.58 resistance, as investors bought crude on hopes of July cut, U.S shale still pressures WTI. In the early session crude moved lower amid OPEC report for an output raise in May. Market participants focus on today’s inventories numbers.
  • US indexes closed higher, with Dow reaching an all-time record high at 21334.00.
  • In Europe, Dax rose despite mixed German Zew, while UK100 fell 0.15%
  • In Asia, all indexes moved higher with ASX200 marking the session 1.51% higher, whereas the only exception was Nikkei, remaining almost unchanged at -0.05%.

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