FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Market bears took a breather in the Monday session despite poor US data were released as investors patiently wait for new Fed Chair Powell’s testimony on the Semi-annual Monetary Policy Report.

Participants may find opportunities during Euro-wide and US data releases and the widely anticipated speech.

Today’s Forecast for Important Trading Indicators

Market Movers

• EURUSD – Euro mixed following Draghi’s testimony, change in stimulus policies inflation depended. Euro-Dollar saw marginal gains intraday ahead of Draghi’s speech but lost the momentum following remarks on a strong relationship between growth and inflation. ECB’ stimulus most likely to change after inflation tilts higher. The pair ranged between 1.2280 and 1.2350 Fibo levels. Eyes on German data.
• GBPUSD – STERLING bumpy after swing at 1.4070 high as speculators respect trendline. CABLE hit a 10-day high at 1.4070 yesterday following a purely speculative move while no UK economic indicators were due. Price saw a rejection at the said level, respecting the descending trendline started on January 25. With no upcoming data today, POUND is likely to be speculation-led for another session.

• USDJPY – DOLLAR forms a gap against YEN and closes the session higher but bears retain control. USD lost nearly 75 pips intraday against its counterpart following a disappointing New Home Sales release yet price retraced finding the pair with some marginal gains amid the recent strength in US data. The pair traded somewhat sideways between 106.50 and 107.10, forming a triple top on the hourly chart. Investors patiently wait for Powell’s testimony to decide on a directional bias.

• USOIL – OIL forms a bullish indecision candle amid Libya slowdown in Crude exports. WTI rose 30 cents per barrel following comments from Saudi minister reporting an export outage over the first three months of 2018 from Libya’s Mallitah terminal. Protests affect the export as well. WTI trades at $63.65 this morning (0730 GMT) while commodity traders wait for API’s report at 21:30 GMT.
• XAUUSD – GOLD gains slightly as uncertainty ahead of Powell, US Consumer Confidence weigh in. GOD rose some $3 continuing showing good volatility levels while Powell’s speech has patiently waited. The precious metals appreciated following a slight uplift in uncertainty ahead of US data and the widely expected testimony as clues on inflation and interest rates may be provided. GOLD currently traders near 1335/oz as traders are getting prepared.
• US Indexes – DJ and S&P soared by 1.58% and 1.18% respectively.
• European Indexes – UK 100 closed 0.60% higher, DE 30 by 0.35%.
• Asian Indexes – ASX 200 appreciated by 0.21%, Nikkei 225 by +1.72%, Hang Seng trades 0.98% lower.
• US Equities – Apple surged by 1.98%, Twitter declined by 1.53%.