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January 17, 2018

FXPRIMUS, Main focus on Bank of Canada's Interest Rate Decision today! What to expect?

Markets Mixed, BoC Rate in Focus.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The three most liquid currency pairs ended the session mixed yesterday, as the downturn on USD eased, even temporarily for the time being.

OIL declined following a series of bullish sessions but GOLD remained mixed following the tracks of USDJPY.

Investors’ emphasis shifts to Bank of Canada interest rate decision at 15:00 GMT.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – EURO rally halts as German Inflation subsides, EURUSD rejection at FE 100% confirmed. EURO posted no gains or losses in the Tuesday session following a rejection at the 1.2290 Fibonacci Extension after German WPI data disappointed investors. Euro-Dollar has since turned in to a consolidation mode where a range is clearly seen and is likely to carry on today unless if the EU Final CPI signals otherwise.
EURUSD 1-HOUR CHART
  • USDJPY – DOLLAR supports extensive losses at the bottom of the descending channel. DOLLAR ended Tuesday on the defensive after a series of consecutive bearish sessions and erased all intraday bounce-gains versus the YEN while price action remained weak above the 61.80% Fibonacci Retracement. In addition, the Empire State Manufacturing Index posted lower figures than anticipated. Today’s economic indicators eyed by investors.
USDJPY 1-HOUR CHART
  • GBPUSD – The British Pound edged lower from day’s high amid UK inflation print. Cable closed Tuesday’s session unchanged following a negative CPI report; inflation figures still much higher than the 2.0% target. Market participants expect MPC Member Saunders to speak at the Financial Intermediary and Broker Association inaugural conference in London to decide on trading opportunities.
  • USOIL – USOIL slips as correction imminent, prices drop to $63.75 per barrel. Oil lost some steam as investors started taking profits after news that analysts see a soon-to-come correction as prices have increased over 13% in the last month alone. API’s weekly report due today at 21:30 GMT.
  • XAUUSD – DOLLAR attempts to defend, GOLD still strong yet reversal possible. Spot GOLD closed the session mixed yesterday following pressured by the US counterpart taking ounce marginally lower at $1338/oz compared to $1339.7/oz. Traders look forward to US economic indicators to decipher whether a reversal is, or is not, in play.
  • US Indexes – DJ ended marginally lower (0.04%), S&P 500 lost 0.35%.
  • European Indexes – UK 100 fell by 0.17%, DE 30 surged 0.35% higher.
  • Asian Indexes – ASX 200 lost 0.51%, Nikkei -0.35%, and Hang Seng trades 0.11% lower.
  • US Equities – Twitter plummeted by 2.95%, Tesla soared 1.14% higher.

Original Source: FXPrimus News

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