Dollar Weakens On Take Profit Ahead Of Monthly Close.
This article is originally referred from FXPrimus News.
The last market day of the week! Check out the important market indicators summarized by FXPrimus!
Today’s Important Indicators
Friday is expected to be highly volatile starting with the Chinese Manufacturing PMI at 01:45.
At 08:30, the Office of National Statistics will release GB’s Current Account and Final GDP figure, and Eurostat the latest CPI Estimate thirty minutes later.
Canada will follow with its own GDP release at 12:30 while the PCE figures will be also published at the same time. Later, at 14:00, the University of Michigan will release the monthly Consumer Sentiment.
This will be followed by Draghi’s and Carney’s speeches at BoE’s independence conference at 14:15 and 14:45 respectively.
Today’s Forecast for Important Trading Indicators
- EURUSD – Euro closes the session higher after four losing consecutive sessions against the Dollar. Euro-Dollar false broke the $1.18 level on yesterday’s session despite the positive US GDP data as traders started taking profits ahead of the last Friday of the month. Investors may look into opportunities raising from the German Retails Sales at 06:00 GMT while the pair trades in a tight range of ~15 pips.
- USDJPY – Dollar fall against Yen supported by positive Japanese CPI figures, Dollar weakness. Dollar declined from the recent high of 113.20 against Yen forming a lower swing below the 50% Fibonacci Retracement at 112.36, at 112.24, however, Dollar remains firm above 112.60. The depreciation came after the good inflation figures were published from Japan while before BoJ Kuroda made hopeful comments on Japan’s economy. The pair remains bullish as long as the 61.80% retracement at 112.15 holds.
- GBPUSD – The British Pound ticks higher after May, Carney adds up to uncertainty. Sterling appreciated away from the recent low of 1.3341 as Prime Minister Theresa May made positive remarks on the EU-UK situation over Brexit negotiations, touching interest rates and savings. The pair lifted above the 23.6% Fibonacci Retracement to a high level of 1.3454, where it was then rejected by the descending trendline started on September 20. Investors are looking forward to Carney’s speech today, as he didn’t manage to raise hopes on his yesterday speech.
- USOIL – Crude corrects itself at the 61.80% retracement on strong sell-off after investors take profits. Crude Oil corrected at the 61.80% Fibonacci at 51.24 yesterday as traders take profits ahead of the last day of the month, after a rally on the back of positive data and the Kurdish-Turkish crisis over Oil exports through Turkey. Price could consolidate today unless if a last push up or down in attempted.
- XAUUSD – Gold takes a breather, moving marginally higher from recent low of 1277.7 per ounce. Weaker Dollar allows investors to move the price of Gold a little higher after a 1-Month low was reached in yesterday’s session. Gold completed a 3rd wave down, signalling a correction could be in play while the impulse waves appear on the charts.
- In US, Indexes S&P 500 and DJ increased 0.12% and 0.18% respectively.
- In Europe, UK 100 appreciated 0.13% while DE 30 upticked 0.37%.
- In Asia, ASX 200 moved 0.25% higher, Hang Seng for +0.32% and Nikkei fell a marginal 0.06%.
- In stocks Exxon Mobil appreciated for 0.93% while Apple fell 0.62%.
Original Source: FXPrimus News