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FXPrimus has summarized the important indicators of the day.

Today’s Important Indicators

Today market participants expect Fed’s Monetary Policy announcement.

Despite analysts foresee no change on the rates, Fed Chair Yellen is likely to provide clues for a December hike; the probability of which raised to 85%.

With Fed being adequately hawkish, USDJPY aiming at 114 again on CB Consumer Confidence and the US economy making progress on the tax reform programme, inflation is likely to experience more gains.

Hence, higher levels on the aforementioned pair could be seen soon.

Today’s Forecast for Important Trading Indicators

Market Movers

  • GBPUSDCable maintains hawkish momentum as anticipation of a rate hike keeps weighing in. The British Pound surged to the 261.80% FE near 1.3286 and broke the top trendline of the descending channel, started on October 13. Sterling traders took the pair to a fresh 2-Week high ahead of BoE’s Interest Rate decision on Thursday while economists foresee a 6-0-3 on Bank Votes. Market participants may look for opportunities around the release of the PMI report at 09:30.
  • USDJPYDollar rebounds from lows of $113 towards $114 on a 17-Year pick in Consumer Confidence. Dollar gained against Yen despite the poor Asian performance as CB climbed to 125.9 in October (est. 121.1) while economists had expected a raise of 121.1. In addition, the previous release was revised up to 120.6 (prev. 119.8) adding more pressure to Yen.The bullish momentum was partially build ahead in anticipation of investors’ speculation while they currently eye today’s rate decision.
  • EURUSDEuro seems to be recovering from its 3-Month low, ends session marginally lower. Euro traded in a consolidation with moves between the range caused by mixed EU and positive US data. The pair closed the day slightly lower than the opening price but has recovered some 700bp since the 3-Month low was reached on the 27th of October. Today, EURUSD is likely to experience wild swings as US data are scheduled for release.
  • USOILOil marks an 8-Month high as API reports huge inventory and gasoline draw. Crude Oil surged higher for another session reaching a level of $54.92 (as of 9:41 EEST) as API reported a vast draw in both Gasoline and Oil inventories. Short-term future prospects are likely to be seen today around the release of the EIA report on inventories.
  • XAUUSDGold dips on strong Dollar, surges early in the session ahead of Fed, NFP. Spot Gold declined yesterday due to the strength of Dollar, albeit, it rose nearly $8 over the past few hours, supported the Chinese Caixin, as production increased at the softest rate for four months. Gold is set just below the 200 1H-MA near $1275.6 per ounce hours ahead of Fed Statement.
  • In US Indexes, S&P 500 is marginally higher (0.09%) while DJ saw an increase of 0.12%.
  • In Europe, UK 100 rose a marginal 0.07% with DE 30 following positively by 0.09%.
  • In Asia, ASX 200 climbed 0.49% higher, Nikkei upsurged by 1.86% and Hang Seng by 1.23%.
  • In stocks, Tesla surged 3.58% while Twitter plummeted 2.96%.


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