FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

DOLLAR continued to nosedive in the Thursday trading session against all majors but reversed its course after investors started taking profits following Draghi’s hawkish remarks and a bullish spike.

Both GOLD and OIL fell despite the fresh highs reached. Investors await for the US and UK GDP and the US Durable Goods as well as some verbal intervention from Carney and Kuroda coming from Davos.

Today’s Forecast for Important Trading Indicators

Market Movers

• EURUSD – EURO spikes to $1.2540 following Draghi’s remarks, caps gains and retraces 100%. EURO reached a fresh 37-Month high following Draghi’s clues on policy normalisation and saw a rejection after investors started taking profits. Despite the strong January acceleration, a close above the $1.25 handle could extent price to new multiyear highs, but overextended, so markets remain cautious.

• USDJPY – YEN rally continues until EURO bears steps in to take profits, strengthening DOLLAR. YEN bullish rally continued in the Thursday trading session as the DOLLAR remained under pressure taking into consideration EURO’s strength too. The pair reversed course once traders starting taking profits on the bullish EURO and gains extended further following poor Japanese CPI figures. Price still within the bearish channel; today’s session and economic indicators important for the weekly close.

• GBPUSD – CABLE surges above $1.43, today’s session crucial as close above 1.4156 looks bullish. STERLING reached another since-Brexit high at 1.4343 amid a broadly weaker US counterpart. Price was rejected right after DOLLAR bulls stepped in following the EURO sell-off on profit-taking and followed EURUSD lead throughout the rest of the session. Investors wait for today’s GDP figure.
• USOIL – OIL takes a breather following a fresh December 2014 record high, demand declines. CRUDE OIL rose to a fresh multiyear high near $66.55 per barrel as following a broad USD weakness and supply cuts but ended the session with a bearish note as winter refinery maintenance took orders for cruse down. OIL trades above $65 after founding support near $64.60 per barrel.
• XAUUSD – GOLD decline in demand takes price $9 lower, closes below $1350/oz. Spot GOLD fell with EURO despite it was supported during Thursday’s session mainly on a stronger DOLLAR. Price dropped from 1 ½ Yr highs after Trump said he wants to see a stronger DOLLAR in Davos. Current trading price near $1354, likely to see wild swings around the US GDP release.
• US Indexes – DJ saw an upsurge of 0.54%, S&P 500 closed a marginal 0.06% higher.
• European Indexes – UK 100 fell by 0.36%, DE 30 plummeted by -0.87%.
• Asian Indexes – ASX 200 closed a marginal 0.07% lower, Nikkei declined by 0.16%, and Hang Seng trades 1.42% higher.
• US Equities – Tesla plummeted 2.39%, Apple by -1.79%.