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January 16, 2018

FXPRIMUS, Market Summary and Important Economic News & Events of the day

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EURO Rally Continues, DOLLAR Breaks Below 111 VS YEN.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

EURO surged over 100 pips marking a 3rd consecutive session of gains against a weaker DOLLAR while POUND reached its highest level since Brexit.

Both GOLD and OIL closed the session somewhat unchanged with marginal gains.

Investors will focus on today’s UK CPI and US Empire State Manufacturing Index.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – EURO rally continues, price rejected near $1.23 and ends above the 100% Extension. EURO rose at least 100 pips during yesterday’s session reaching a daily high of 1.2296 only to subside to a close of 1.2263. The pair hit a 37-Month high while the US markets were celebrating the Martin Luther King holiday. The move was somewhat supported by a better than expected Trade Surplus.
EURUSD 4-HOUR CHART
  • USDJPY – DOLLAR drags on with weakness vs YEN, breaks below 111 and a strong support level. DOLLAR closed a 6th session into the reds while the Japanese currency has so far gained a total of 1.8% against the US counterpart. The pair trades in a descending channel having just found a bottom at 110.30. Price has recovered at least 50% of yesterday’s gains amid poor Japanese data.
USDJPY 4-HOUR CHART
  • GBPUSD – STERLING reaches a June 2016 level, CPI release eyed while 100% Extension breaks. Cable flirted with $.138 during yesterday’s session following a weak US counterpart and to a smaller degree a positive HPI indicator. GBPUSD broke above the 100% Fibonacci Extension at 1.3772 and pierced the 38 .2 level too before subsiding to a daily close of 1.3793.
  • USOIL – USOIL takes a breather from multiyear highs yet ends in green 40 cents higher. Oil lost some steam as investors started taking the market into a consolidation mode following a tremendous increase in price over the past few days. Without a clear sign that a reversal is in play and with strong demand intact OIL may remains mixed until tomorrow’s API report.
  • XAUUSD – Investors continue to pile into GOLD while DOLLAR struggles to win bulls over. Spot GOLD gained nearly $3/oz yesterday following an array of weak sessions from the US DOLLAR. With price breaching above the 61.80% Extension at 1327.20/oz and no US data on the economic or political front today GOLD is likely to trade somewhat mixed.
  • US Indexes – DJ rose by 0.89%, S&P 500 followed with a raise of 0.67%.
  • European Indexes – UK 100 declined by 0.12%, DE 30 saw a 0.34% fall.
  • Asian Indexes – ASX 200 lost 0.35%, Nikkei surged by 1.00%, and Hang Seng trades 1.31% higher.
  • US Equities – Twitter soared by 4.35%, Facebook plunged 4.47%.

Original Source: FXPrimus News

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