June 7, 2017

FXPRIMUS, Markets awaiting for UK General Election... Today's focus on AU and US economic data release!

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Summary of What’s happening today in the financial markets!

This article is originally referred from FXPrimus News.

Today’s Important Indicators

A volatile Wednesday for energies and the commodity pairs.

Australia will follow up with the release of quarterly GDP data after a bullish Tuesday of +0.31%.

The UK is expected to release data on house price inflation from a previous -0.1%, whereas the numbers of oil inventories are set to have an impact mainly on the Loonie, Aussie and the US dollar currencies.

The latest disappointing numbers on crude stock could put more pressure on the oil, despite a strong session.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
01:30 AU GDP q/q 0.2% 1.1%
14:30 US Crude Oil Inventories -6.4M

Market Movers

  • Yen gains almost 1.0% against the Dollar amid tech leaders’ fear on policy reforms being stalled. The Yen took off on safe-haven demand, led USDJPY to April lows, while investors turned into risk aversion ahead of Comey testimony on Thursday. Last Friday, Dollar Yen broke below 110.760 technical support, trading below the 200 EMA, currently at 109.500.
  • Weak Dollar pushes USDCHF lower on havens rally as investors’ nervousness raises ahead of “Super Thursday”. The pair traded 0.31% lower on Tuesday’s session ‘flirting’ with the daily support at 0.96228.
  • AUDUSD rises another 0.28% after Middle East tension ease. Aussie added more to its bulls as Arab countries break ties with Qatar. The pair saw gains on hopes natural gas exports increase. The momentum stalled around the 0.75160 resistance, until another push sent the Aussie higher this morning due to positive GDP data.
  • EuroDollar drops for a second session, remains in consolidation despite dollar’s 7-month low. EURUSD traded below 1.12826 resistance ahead of ECB’s Draghi announcement on monetary policy during the upcoming Thursday. Bulls persist on anticipation of Monday’s poor US data release.
  • Oil dips on Middle East rift, regains early losses on bullish hopes ahead of crude inventories. Crude was volatile for another session, ended up closing above $48/b after investors find support at ~$47/b WTI closed 1.81% higher on Tuesday’s session, bouncing on Monday’s resistance at 48.32. Traders await for the inventories release for their next judgement.
  • Gold at a 6-week high amid geopolitical risk in Qatar, Comey’s testimony and UK’s upcoming election. XAUUSD traded on higher levels for a consecutive session on stimulated global risk-off trade. The precious metal enjoys new highs above $1295.00/o, while investors are looking towards the $1300.00 psychological, since the first bump broke and a set-back is in motion, signalling a continuation.
  • US Indices closed lower for another session, whereas in Europe only the DAX returned Monday’s gains.
  • In Asia, AUS 200 plummeted 1.45% along with Nikkei’s 0.95%, while the Hang Seng gained 0.52%.

FXPRIMUS Official Website

Original Source: FXPrimus News

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