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This week’s indicators

The dollar index plummeted to a new 7-month low last week amid fears on Comey’s testimony and the British elections, however it regained some of the losses by Friday’s close supported by dovish Draghi, uninspiring Comey and a hung UK parliament.

Market participants moved dollar higher on testimony’s conclusion and on weak euro after ECB’s decision to maintain interest rates steady and lower inflation forecasts.

The euro dived against the dollar amid weak sterling as May’s Tories failed to win overall majority. Pound also sunk after the election shock and remains under pressure as uncertainty over government formation increases.

On other major pairs the Aussie dollar reached a 1-month high after positive GDP data while PBOC set Yuan parity at 6.7858 vs. the dollar.

The Canadian dollar also raised against the dollar on upbeat jobs data and hopes of BoC increasing interest rates sooner. Loonie closed almost unchanged on greenback’s sentiment.

In energies, oil was under pressure as inventories numbers came out much higher than anticipated. Also, Qatar crisis led to a diplomatic rift in the region of the Arab Gulf, with neighboring countries cut ties.

On metals, gold fell on dollar sentiment, while investors focus on a Fed rate hike this coming Wednesday.


On Monday, Australia’s Debelle speaks in Hong Kong for clues regarding future policy shifts. Some action expected during RBA’s assistant governor speech, however the financial markets are closed for holiday.


Tuesday is Australia’s data release on business confidence along with UK’s monthly inflation report, while later on the day US inflationary data will also be released.

The monthly survey of NAB may provide signals of future economic activity in Australia, while UK’s CPI will lead to sterling’s valuation. Investors may also look for opportunities during the release of the US PPI consumer inflation data.


A very volatile Wednesday with news releases coming out for China, UK, US and New Zealand.

China will release monthly industrial output data in the morning while later the UK is expected to release data on average earnings, including bonuses.

US core CPI and retail sales data will be released on Wednesday ahead of the oil inventories and FOMC’s crucial decision on an interest rate hike. Investors may stay tuned in order to take advantage of the number of opportunities that may arise in the markets.

This busy day will close with the release of the quarter on quarter GDP data.


A number of news releases on Thursday for Aussie, Swissy, sterling and the US dollar.

Australia will publish important jobs data while Switzerland’s SNB will release its quarterly interest rate decision and conduct the SNB statement on monetary policy.

Later on the day, UK is expected to release the retail sales inflationary data ahead of announcing its latest monetary policy summary and official bank rate decisions.

Investors may seek for opportunities as the US will release the number of unemployment claims.


A relatively quiet Friday in terms of volatility on Japanese and US economic data releases. BOJ will announce its interest rate statement and short-term interest rate, whereas US is to round up the week with its monthly residential building permits report.

Market Movers Summary

This week Wednesday’s FOMC is the highlight.

Fed’s decision for economic growth and interest rates will be released by the US central bank and provide information to investors regarding Fed’s plan to reduce its enormous balance sheet.

Most analysts expect another rate hike.

On Thursday, the BOE will announce its rate decision while analysts expect no change in policy after the recent parliamentary election surprise. More on interest rates, BOJ’s monetary policy decision is due on Friday, an economy that has been growing slowly despite poor inflation data.

In Europe, SNB will also announce its quarter-on-quarter monetary policy assessment on Thursday while most economists expect the benchmark to remain unchanged. Last, China’s NBS will release data on May’s industrial production on Wednesday.

Market analysts a raise of 0.2% compared to last month.

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