DOLLAR Tumbles, Markets Correct.
This article is originally referred from FXPrimus News.
FXPrimus has summarized the important market indicators of the day.
Today’s Important Indicators
DOLLAR lost some of this week’s gains in the Thursday session allowing markets to correct while OIL, as well as GOLD, rose.
Market participants will look for clues in a number of economic and political events due today.
Today’s Forecast for Important Trading Indicators
- EURUSD – Euro-Dollar up from 78.6% Fibo despite poor Euro-wide data as USD bulls take profits. The pair rose following a price rejection at 1.2280 despite the earlier penetration of the said level on poor French and German data. Euro appreciated for the first time after 4 consecutive bearish sessions as DOLLAR bulls took profits. On the economic front, ECB’s Policy Meeting Report had no significant impact on the markets. Investors eye the Final CPI figures at 10:00 GMT.
- GBPUSD – STERLING closes session mixed after poor GDP print following a rejection at 78.6% Fibo. CABLE hit a 7-day low below 1.3820 following a bad GDP print yet price was rejected at the said level shrugging off the weak data as the US counterpart lost momentum. The pair trades near 1.3930 while market players look forward to MPC Member Ramsden speech for intraday clues.
- USDJPY – DOLLAR falls below 107 versus YEN despite good US Unemployment Claims. USD lost at least 100 pips in the Thursday session against the YEN counterpart as investors started taking profits after a series of “long” days. On the economic front the DOLLAR was supported by a reduction in the people claiming unemployment benefits, however, it recorded considerable losses and trades just above the 107 hurdle.
- USOIL – OIL price surges after EAI reports a huge Crude Inventory draw, break above $62/b. WTI rose $1.3 per barrel following a surprise inventory draw of 1.6 million barrels, compared to an expected build of 2.2 million barrels. Crude trades near $62.57, yesterday’s close, as it has rejected the 50% Fibo at 61.32. MACD line likely to turn bullish as a golden cross is about to start.
- XAUUSD – GOLD erases earlier losses, the chart still looks bearish despite the uptilt. The precious metal took a breather after 4 consecutive days of being in the red following a broadly weaker US counterpart. Price reversed after hitting a daily low of 1320, and since gained $11 until the end of the session. Intraday bias is bearish today, with price trading around 1327.
- US Indexes – DJ and S&P rose by 0.6% and 0.10% respectively.
- European Indexes – UK 100 closed 0.40% lower, DE 30 declined 0.07%.
- Asian Indexes – ASX 200 appreciated by 0.78%, Nikkei 225 by +0.72%, Hang Seng trades 1.0% higher.
- US Equities – Twitter plummeted by 3.80%, Tesla surged 3.86% higher.
Original Source: FXPrimus News