EURO Poised for 1.21, Pressure on DOLLAR Extended.
This article is originally referred from FXPrimus News.
FXPrimus has summarized the important market indicators of the day.
Today’s Important Indicators
EURO surged 85 pips following ECB’s December minutes while DOLLAR weakened amid weaker than anticipated PPI and Jobless Claims figures.
The British POUND gained on USD’s weakness too. Investors will focus on today’s CPI and Retail Sales releases.
Today’s Forecast for Important Trading Indicators
- EURUSD – EURO breaks above $1.20 as ECB sees “comfort” in wage dynamics. EURO rose to a daily high of 1.2060 following ECB’s Monetary Policy Meeting Accounts. Price soared nearly 100 pips before subsiding to a daily close of 1.2030. With the 38.20% Fibonacci Retracement acting as a rejection level following a correction from 1.2089, price could move higher towards $1.21; today’s inflation and consumer spending data in the US to weigh in.
- USDJPY – DOLLAR weakens across the board for another session as US data disappoint. DOLLAR closes a 4th session into the reds yet the last trading day yesterday saw price forming a thick bearish indecision candle and also a double bottom at 111. The pair lost stream following a worse than expected PPI and Unemployment Claims reports ahead of the crucial CPI release today at 13:30 GMT.
- GBPUSD – STERLING gains as the US counterpart subsides on discouraging data. Cable ended the session back above the $1.35 hurdle posting gains of 30 pips after reports found the US Dollar weakening across the board. With the pair bouncing off at a daily low of 1.3456, where the 50.00% Fibonacci Retracements betides, GBPUSD may be poised for higher highs.
- USOIL – USOIL ends session mixed again despite record high at $64.53 per barrel. Oil formed another indecision candle yesterday after reaching a fresh 3Yr high amid reports that OPEC deal could extend beyond 2018 and a possible production reduction from Venezuela. The fresh high has marked a new recent top yet the previous high of $63.53 still stands firm.
- XAUUSD – GOLD moves marginally higher on weaker than expected US Inflation. Spot GOLD gained nearly $6/oz yesterday following a bad US PPI report. BLS reported a -0.1% growth while expectations were in for a figure of 0.2%, previous was 0.4%. GOLD on the tail of DOLLAR for this week as the CPI release is due today.
- US Indexes – DJ rose by 0.81%, S&P 500 followed with a raise of 0.70%.
- European Indexes – UK 100 appreciated by 0.19%, DE 30 saw a 0.59% decline.
- Asian Indexes – ASX 200 was unchanged, Nikkei fell by 0.24%, and Hang Seng trades 0.79% higher.
- US Equities – Amazon soared by 1.78%, Tesla increased by 0.94%.
Original Source: FXPrimus News