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This article is originally referred from FXPrimus News.
Today’s Important Indicators
Data releases on Tuesday include Australia’s business confidence, UK’s monthly inflation report, and US inflationary data.
The monthly survey of NAB may provide signals of future economic activity in Australia, whilst 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.
Today’s Forecast for Important Trading Indicators
|Time in GMT||Country||Indicator||Expected||Previous|
|01:30||AU||NAB Business Confidence||–||13|
- Loonie gains 1.00% against the greenback, as oil prices rebound. The Canadian dollar was supported by sentiment in the oil as investors re-started buying the black gold at lower prices due to the recent crude losses. USDCAD moved almost 130 pips lower on Monday’s session, reaching 2-month low.
- EURGBP hits a 7-month low on continued election fallout ahead of Brexit negotiations. Euro climbed the highest in 7-months, taking the pair 0.90% up against weak pound. The pair jumped on the 21 EMA bounce, maintained its bullish momentum, while May is seeking support to form a government. Eyes on inflation report, due on today.
- GBPUSD trades 0.70% lower on Monday’s session amid political uncertainty. Sterling slid to 1.2410 levels to find support after the surprising tumble of last Friday’s British election results. The pair remains under pressure only one week before Brexit negotiations. At the same time, concerns are raised by credit rating agencies as a result of the election results.
- Sterling moves higher above 1.29000 on alleged May win ahead of elections. Pound traded marginally higher on Wednesday’s session despite increased fears over hung parliament. Investors sent the GDPUSD to sub-$1.29 levels, 0.29% higher, tempted for a favourable outcome. Polls show a Con-Led 5-point gap.
- Yen maintains gains on risk-off demand ahead of FOMC meeting and Britain’s uncertainty. The dollar traded marginally lower on Monday’s session despite worse than expected data from Japan. Investors sent USDJPY to sub 1.09 levels, 0.50% lower, only a few days ahead of BoJ’s policy meeting, while the pair broke below the 100 EMA on Monday’s session.
- Aussie bounces between 0.75200 – 0.75500 levels ahead of business confidence release. AUSUSD moved into a range on Monday’s session, however it closed 0.20% higher, while Australian markets were closed for holiday. Investors’ focus is on the NAB survey where respondents are asked on business conditions.
- Oil rebounds 0.55% on Saudi and Russian remarks on drilling activity. US Oil traded above $46 levels on Monday as investors weighted in the number of operating U.S. rigs. Investors are to anticipate the next moves in oil on Wednesday’s IEA monthly report.
- Gold fell for another session by 0.21% against the dollar ahead of June’s FOMC. XAUUSD found support at 1264.50 on Monday’s session as expectations for another rate hike on Wednesday’s policy meeting were positive. Gold lost ground last week over USD strength amid elections and UK uncertainty.
- US indexes closed relatively lower on Monday, whereas this was replicated in Europe.
- In Asia, indexes closed lower with an exception of Australia’s ASX200.
Original Source: FXPrimus News