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FXPrimus’s Daily Market Analysis is provided by their in-house FX Market Specialist, Stavros Tousios.

Chinese Yuan Drives Global Markets, Trump in the Spotlight Once Again

Markets continued being risk-driven yesterday, influenced by China’s Central Bank liquidity injection of $74B against trade war escalation and the recently imposed tariffs on Chinese imports in the US, easing monetary policy and loosening primary money rates.

US President Trump, who has had significant influence over the markets recently, decided to bully Iranian President Rouhani on Twitter, marking its toughest rhetoric following remarks on Trump’s hostile policy against Iran and taking Oil to its daily high.

Politics, rather than economic indicators, are likely to enable further opportunities today while markets are anxiously waiting for Wednesday’s Junker-Trump meeting on trade tensions.

Today’s Important Indicators

Major Market Updates

• EUR/USD – Euro subsides against risk-driven Dollar following technically supported move above $1.17, price remains under pressure while slipping towards $1.1640 golden Fibonacci.
• GBP/USD – BoE Deputy Governor Broadbent supports decline of the British Pound as his remarks at the Society of Professional Economists provide political gridlock on August’s hike, eyes on $1.30.
• USD/JPY – Dollar-Yen mixed as both risk-driven Dollar and safe-haven Yen stem equivalent strength by closing bell, BoJ comes across as being medium to long-term supportive.
• USOIL – Oil hits daily high at $69 per barrel following Trump’s tough tweet aimed at the Iranian President, prices decline to daily open and label a 3rd consecutive session of indecisiveness.
• XAU/USD – Yellow metal resumes selling flow amid Dollar strength, Gold bears restore short to near-term decline but prices remain close to ascending trendline.
• BTC/USD – Bitcoin climbs to $8K this morning following positive sentiment added in markets by “nearly certain” ETF approval, BTC dominance increases while alts weaken.
• US Equities – Tesla weakened by 3.31%, Alphabet improved by 1.10% following earnings report.
• US Indexes – DJ fell by a marginal 0.06%, S&P 500 rose by 0.18%
• European Indexes – UK 100 opened a tad lower this morning, DE 30 trades 0.43% higher.
• Asian Indexes – ASX 200 jumped 0.56% higher, Nikkei followed with an 0.51% increase and Hang Seng trades 1.27% higher.