FXPRIMUS, Markets' Focus on "ECB Meeting" and "UK’s 2nd Estimate GDP" today!
Hawkish FOMC Suggest More Hikes, ECB in Focus.
This article is originally referred from FXPrimus News.
FXPrimus has summarized important market indicators of the day.
Today’s Important Indicators
DOLLAR recovery continued as FOMC Meeting Minutes suggested more interest rate hikes for 2018.
Commodities and equities also declined along with majors trading against DOLLAR. Markets emphasis will turn to the ECB Monetary Policy Meeting Accounts today and also the UK’s 2nd Estimate GDP.
Today’s Forecast for Important Trading Indicators
- EURUSD – Euro-Dollar breaks below 78.6% Fibo on poor Euro-wide data, stronger US counterpart. The pair saw another bearish session following an array of data from the EU and also due to a stronger US DOLLAR owed to hawkish FOMC minutes. EUR/USD trades around 1.2280 and a further downturn could take price to the 9th of February lower low of 1.2205. Investors eye ECB’s Meeting Accounts.
- GBPUSD – STERLING declines despite good Job number as Unemployment disappoints. CABLE posted 75 pips losses in the Wednesday session following a rise in the number of Unemployed people as well as some bearish pressure from the US counterpart. POUND broke two Fibo levels and closed the session 0.37% lower. Market players look into the 2nd Estimate GDP to decide on short-term positioning while price heads towards the 78.6% Fibo.
- USDJPY – Bullish intraday bias supported by FOMC, poor Japanese Manufacturing PMI. YEN declined for a 4th consecutive session against DOLLAR amid Fed’s meeting from January meeting. YEN posted losses as the Manufacturing PMI dipped, making the currency weaker versus its counterpart and taking price to a daily high of 108.00. How long the recovery is going to last is not known, but Fed officials made it clear that a stronger economy is boosting the chances of more rate hikes ahead.
- USOIL – OIL Stocks draw supports price to hold firm above $60 despite UD strength. WTI traded somewhat mixed yesterday despite the US counterpart dominated the session as API reported a draw while economists expected a build of 1.33 million barrels. Market participants focus on EIA’s Crude Stocks report today at 16:00 GMT. Bears are currently pushing price lower yet momentum is weak.
- XAUUSD – GOLD down for a 4th consecutive session, DOLLAR boost and rates outlook weighs in. The precious metal saw another session on the defensive as Fed’s outlook on the US Interest Rates implied a faster tightening and an uptick in inflation. GOLD moved below the 78.6% Fibo at 1327 and could be heading towards 1318. Today’s Jobless Claims report to play its part on a directional bias.
- US Indexes – DJ and S&P fell by 0.67%, S&P 500 by 0.55%.
- European Indexes – UK 100 rose 0.48% while DE 30 declined 0.14%.
- Asian Indexes – ASX 200 closed 0.17% higher, Nikkei 225 plummeted by 1.07%, Hang Seng trades 1.14% lower.
- US Equities – Twitter soared 1.64% higher, Exxon Mobil plunged by 1.14%.
Original Source: FXPrimus News
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