Dollar Lower On Harvey, Japan Missile.
This article is originally referred from FXPrimus News.
FXPrimus has provided the summary of Important Indicators of the day.
Today’s Important Indicators
On Tuesday, volatility could be higher than Monday as market participants will be able to take advantage of the Raw Materials Price Index (RPMI) monthly data release at 12:30 GMT while later they could participate in the Conference Board’s report of Consumer Confidence at 14:00 GMT.
In addition, Trump’s respond should be expected on North Korea missile fired over Japan.
Today’s Forecast for Important Trading Indicators
- EURUSD – Euro extends gains following Jackson Hole concerns over Harvey. Euro-Dollar nearing the $1.20 level after traders continued weigh on the Dollar and due to the disastrous hurricane damaging the U.S economy. The pair reached a fresh high of 1.19853 in the wake of risk aversion as North Korea fired a missile over Japan and Dollar weakened across the board. It could be possible that the next psychological levels to hit are $1.22 and even the $1.25.
- USDJPY– Yen rises to 4-Month high against Dollar on North Korea missile launch over Japan. Yen appreciated against Dollar as demand for safe-haven increased as North Korea fired a missile over Japan. The missile was destined to land in the waters of Hokkaido and it flew over Japan escalating tensions between N.K and Japan; Trump yet to respond. Dollar-Yen moved to a record low, however, managed to remain above the 108.625 support hit on the 18th and 21st of August.
- GBPUSD – The British Pound hit a 2-Week high against Dollar on Bank Holiday trade. Sterling is gearing up to the $1.30 level after weeks of weakness as Labor proposed that the UK remains in the Euro-zone for at least 4 more years while the terms are negotiated. Since British people started realising the impact of a hard Brexit, some relief was brought to life. With the London market closed yesterday, we could be expecting a further upside movement today.
- USOIL – Oil declines on demand impact of hurricane Harvey while refineries are being shut. Crude Oil fell to a 1-Month low after investors reaction to the decline in oil demand as refineries in U.S could be shut for a longer than anticipated period of time. History says price action could have similar fluctuations as the ones experienced during Katrina and Rita, where prices were plummeting and soaring $5 in a matter of hours. Oil price has somewhat recovered some of its losses.
- XAU/USD – Gold reaches a post-Trump level on investors’ increased risk aversion over North Korea. Gold traded to a high of 1324.42, a level not seen since the 9th of November 2016, after North Korea fired a missile over Japan. Trump’s “Fire and Fury” could be back on the table and this could take Gold to fresh highs. The U.S president has not yet responded to the new threat however his comments will have an impact on Gold prices.
- U.S Indexes managed to close near their opening prices, with DJ and S&P 500 -0.02% and +0.05% respectively.
- In Europe, UK 100 declined 0.08% while DE 30 0.37%.
- In Asia, all indexes depreciated with ASX 200, Hang Seng and Nikkei having declined 0.76%, 0.33% and 0.42% respectively.
- In stocks, Apple climbed 1.01% higher while Tesla fell 0.69%
Original Source: FXPrimus News