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FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Another relatively idle day in the currency markets following news from the US Tax front.

Both EURO and DOLLAR closed the session positive while POUND closed mixed following a technical rejection.

Today, investors can maintain their focus to any developments surrounding the Tax Bill voting and on the economic front, turn to Carney’s Speech and the US Crude Stocks.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – EURO closes session to previous day’s top, ends above $1.183 on good construction data. EURO rose versus DOLLAR following a good Construction Output YoY despite the MoM figure came out lower than expected. EURO was also supported by uncertainty surrounding the US Tax Reform. Markets today will focus on German Buba President Weidmann Speech at 13:00 GMT.
EURUSD 4-HOUR CHART
  • USDJPY – DOLLAR mixed amid Tax news and economic data, maintains bullish tone. DOLLAR started the session on a negative footing against YEN as news around another Tax Vote weighed in. DOLLAR recovered the early losses and managed to close the session positively just below 113 as the US Building Permits figures beat expectations. In addition, the US Current Account Deficit fell to $101 bln. Today’s Existing Home Sales at 15:00 GMT are also important.
  • GBPUSD – STERLING rejected by $1.34, move technical and supported by US data. Cable fell following a technical rejection at the $1.34 and reached a daily low of $1.333 after the release of positive US data. GBPUSD price remained within the descending channel for another session. Market participants expect BoE Gov Carney’s Speech for possible opportunities on the pair.
GBPUSD 4-HOUR CHART
  • USOIL – OIL rises marginally following API report, outages add to uncertainty on future price. OIL closed yesterday’s session mixed despite a positive API report as several key outages from both Nigeria and Venezuela weighed in. While markets are in fear, EIA is to deliver its own Inventories report at 15:30 GMT today.
  • XAUUSD – GOLD little to no change following the DOLLAR, pressure from Tax Bill hopes plays in. Spot GOLD closed unchanged on Tuesday, despite the political uncertainty on the US side as positive Building Permits strengthened DOLLAR. GOLD may move lower as 2nd vote on the US Tax overhaul is likely to occur today.
  • US Indexes – Both DJ and S&P 500 fell by 0.15% and 0.32% respectively.
  • European Indexes – UK 100 tilted 0.09% higher, DE 30 plunged by 0.72%
  • Asian Indexes – ASX 200 tilted 0.08% higher, Nikkei on +0.10% and Hang Seng trades 0.17% lower.
  • US Equities – Tesla plummeted by 2.29%, Twitter gained 1.62%
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