DOLLAR Unmoved by State of the Union, Fed to Provide Directional Guidance.
This article is originally referred from FXPrimus News.
FXPrimus has summarized the important market indicators of the day.
Today’s Important Indicators
Markets mixed ahead of Eurozone inflation and US interest rates with just the POUND closing on the upside following a hawkish Carney.
GOLD also remained unchanged while OIL continued its deep correction.
Markets will focus on EU CPI Flash Estimates and Federal Funds Rate.
Today’s Forecast for Important Trading Indicators
- GBPUSD – CABLE corrects at 23.6% Fibonacci following a rejection at $1.40 and Carney’s remarks. STERLING picked up versus the DOLLAR in Tuesday’s session following a substantial downmove to test the 1.4000 support area. The pair rebounded as UK Gov Carney expects GDP growth to increase. In addition, he stated than the 2016 vote has only knocked 1% of GDP off. GBPUSD trades near $1.42.
- EURUSD – EURO soars amid Euro-wide data, retraces as US Equities tumble. EURO found a daily low at the previous support formed in Tuesday’s session near $1.233 and surged to a high of $1.2453 following a strong 2017 GDP release. The pair lost its early gains and closed the session mixed as the US Stocks declined while the earnings reporting approaches, taking DOLLAR to a higher level. Markets eye the CPI release at 10:00 GMT.
- USDJPY – DOLLAR struggles to move away from recent low, closes unchanged as global Stocks dip. Bullish YEN continued adding pressure to the US DOLLAR yesterday as Asian Equity markets saw big intraday losses. Despite the added pressure DOLLAR managed to close near the opening price as the drop in the US markets somewhat counter-balanced losses. Sellers keep control while markets focus on today’s FOMC.
- USOIL – OIL break below $64.60 support amid API CRUDE Inventory build. WTI price declined the most in 2-Months following the weekly API report on inventories. API reported a build of 4.75 million barrels while analysts expected a small build of 126K build. OIL price declined for $1.6 per barrel and was led to the deepest Fibonacci Retracement at $63.78, where price started its continuation pattern, at least temporarily. EIA expected to reports its own stocks figures today at 15:30 GMT.
- XAUUSD – GOLD trades in a range ahead of FOMC, follows DOLLAR as announcement weighs in. Spot GOLD traded sideways in Tuesday’s session led by a mixed DOLLAR ahead of the Fed’s rate Statement. Despite an impressive CB Consumer Confidence price fluctuated as global stocks tumbled while the US T-Yields rose.
- US Indexes – DJ and S&P 500 plummeted by 1.37% and 1.09% respectively.
- European Indexes – UK 100 dipped 1.09%, DE 30 -0.95%.
- Asian Indexes – ASX 200 rose by 0.18%, Nikkei 225 plunged by 0.83%, Hang Seng trades 0.52% higher.
- US Equities – Exxon Mobil plummeted by 1.40%, Twitter soared by 1.75%.
Original Source: FXPrimus News