Dollar Weakens On Poor Inflation Data.
This article is originally referred from FXPrimus News.
FXPrimus has provided the summary of Market Indicators of the day.
Today’s Important Indicators
The day all investors have been waiting for, starts with the Chinese manufacturing PMI early in the Asian Session at 01:45 GMT while later at 08:30 GMT, UK will publish data on its latest Manufacturing PMI.
At 12:30 GMT, market participants could take advantage of the long-waited Jobs report and later, at 13:45, the ISM Manufacturing PMI release and the Revised UoM Consumer Sentiment reads.
Today’s Forecast for Important Trading Indicators
- USDCAD – Canadian GDP raises to 0.3%, 3 points higher than expected, Loonie pushes Dollar lower. Dollar-Cad increased o.3% in June after a 0.6% rise back in May, marking the 8th consecutive quarter on quarter gain. The upbeat data are an indication the Canadian economy accelerates among the G7 and increases the chances of another rate hike this year. The pair currently trades below the $1.25 barrier and hit the bottom of 1.2450 for a 3rd time, creating a triple bottom on the hourly chart.
- EURUSD – Euro falls lower against Dollar in early trade, moves higher on downbeat US inflation data. Euro extended lower and fell below the hourly ascending trendline started on the 17th of August against Dollar, however, this turned to be a false break as the pair recovered losses after the support of 1.1842 held strong. Initial bias was negative on Dollar’s strength and following a series of reports from the Eurozone but after the release of disappointing inflation and Jobless Claims data this changed. All eyes on today’s NFP.
- GBPUSD –Sterling dips on Saunders talk, recovers losses and rejects the 1.2950 ahead of PMI release. The British Pound fell yesterday after MPC member Saunders said that borrowing costs must increase soon in response to a risk of a “bumpy Brexit”. Saunders, despite being one of the members that voted for a rate hike said that BoE “no longer needs to be quite so firmly on the accelerator”. Pound recovered all losses amid poor data from the US and currently trades at 1.2915 after the 2950 was rejected few hours back.
- USOIL – Oil finally recovers some losses on weak Dollar, strong Canadian GDP. Crude Oil appreciated some 3.0% on Thursday following data from the U.S. and Canada while Harvey concerns start easing with a very slow pace. In addition, OPEC compliance raised to an 89%, just one point below last August after OPEC members increased their compliance to pre-existing production quotas. Crude price broke back above the $47 barrier and currently stands neutral.
- XAUUSD – Gold rally restarts after hitting a low of 1300, creating a range of $25 to recent top. Gold price moved higher on weak Dollar with a contribution of around $3 while the remaining was attributable to investors and traders bidding up the price of the precious metal. The closing of this week will mark a record high since November 2016.
- In US Indexes, S&P 500 closed 0.57% higher while DJ appreciated 0.25%.
- In Europe, UK 100 surged 0.89% while DE 30 raised 0.44%.
- In Asia, ASX 200 moved marginally higher 0.08%, Nikkei saw an increase of 0.21% and Hang Seng remained unchanged.
- In stocks, Alphabet surged 1.23% while Amazon raised 1.34%.
Original Source: FXPrimus News