FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Volatility will be high around Draghi’s speech at the ECB Conference in Frankfurt, at 08:10.

This will be followed by the UK’s Average Earnings Index at 08:30.

At 12:00, FOMC members Dudley and Kaplan will speak at an event jointly hosted by the Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York, while 30 minutes later, Census Bureau will publish the latest Building Permits and Housing Stats data.

ECB Board Member Coeure will speak at the ECB conference “Structural reforms in the euro area” at 14:00 and EIA will also release its weekly Crude Oil Inventories at 14:30.

Today’s Forecast for Important Trading Indicators

Market Movers

• GBP/USD – Sterling declines on Carney’s remarks about uncertainty over Brexit negotiations. The British Pound fell against Dollar following a series of inflation data released from the UK and on Carney indicating that firms lost confidence around a smooth Brexit. The pair moved below the key 1.3200 level and its price was rejected near the previous support of 1.315. Taking into account the poor PMI job growth released two weeks ago, today’s Jobless Claims report could weaken in case last month’s decline is reflected. GBP/USD could break the 1.3100 level if wages slow down.

• EUR/USD – Euro falls on a series of Eurozone data against a widely stronger US Dollar. Euro depreciated to a fresh 10-Day low following the ZEW economic Sentiment survey for Germany, extending its losses for a 4th consecutive session. EUR/USD price was rejected at the 61.80% FR near 1.1750 and headed towards the 50.0% FR level, where it signalled the initiation of a tight ranging market. Investors await for Draghi’s and Coeure’s speeches to decipher their next moves while Spain’s political crisis seems to remain in situ.
• USD/JPY – Dollar extends its gains versus the Yen on speculation of Fed Chief Yellen successor. Dollar appreciated to a 1-Week high of 112.47 on the back of a number of US economic data releases and on speculations that President Trump will nominate a Fed Chief that is more inclined to raise interest rates. The pair declined at the daily high for a possible correction and currently trades near 112.30, higher than the 38.20% FR rejection level of 112.16. Today’s Housing data may provide investors’ hints around USD/JPY future projections.
• USOIL – Crude Oil recovers losses from profit taking as API’s delivers a huge draw of 7.1 million barrels. Crude Oil inventories dipped to 7.1 compared to 3.9 million barrels expected for the week ending October 13, taking Oil price back above the $52 level after a retracement at the 61.80% FE was seen. While the crisis between Turkey, Iran, Iraq and Iraqi Kurds boost the chances of a civil war oil production continues to experience disruptions that weigh in positively. Commodity traders look forward to today’s EIA inventories report.
• XAU/USD – Gold remains under pressure on strong Dollar, doubts over maintaining a high price play in. Spot Gold fell to a low of $1283.00 where the 50.00% FR lies as traders sold-off the precious metal for another session following a strong US dollar and an increase in risk-on appetite. In addition, US data on Industrial Production and Capacity Utilization increased investors’ doubts on recent bullish Gold as the figures saw no decline despite Florida and Texas hurricanes.

• In U.S Indexes DJ moved 0.18% higher while S&P 500 increased a marginal 0.07%.
• In Europe UK 100 fell 0.11% while DE30 a marginal -0.07%.
• In Asia ASX 200 depreciated a mere 0.06%, Nikkei appreciated by 0.13% and Hang Seng moved 0.11% lower.
• In stocks Tesla climbed 1.47 higher while Twitter declined 0.27%.