FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

DOLLAR continued its range trading against YEN but finished the Wednesday session on a positive footing following a hawkish Yellen at her last policy meeting.

EURO and POUND finished the session unchanged while GOLD as well as OIL continued reversed course following a correction that lasted a few days.

Markets will focus on UK and US PMIs.

Today’s Forecast for Important Trading Indicators

Market Movers

• USDJPY – DOLLAR takes breather against YEN as Fed maintains hawkish tone. Despite the US rates were held unchanged in the FOMC meeting DOLLAR saw an increase versus the YEN as Yellen indicated a next rate is likely to occur in March. On the Japanese release front, indicators were also mixed allowing DOLLAR bulls to take over control. Market participants look into the US Unemployment and ISM PMI releases.

• GBPUSD – POUND closes marginally higher in uneventful session, confirms continuation pattern. CABLE rose against DOLLAR for a second consecutive trading day following an increase in long positions at the last day of the calendar month. The pair posted a sharp 5.2% monthly gain and could head higher assuming the 23.60% Fibonacci at $1.4034 holds firm. Investors eye the PMI at 09:30.
• EURUSD – EURO retests 1.2457 resistance as directional indecision remains following FOMC. EURO reached a daily high at 1.2475 yesterday but subsided as the strong daily resistance level formed yesterday rejected bulls. The top was formed following a positive year end CPI release, price reversed amid a hawkish Fed. Pattern could be indicating a second leg down before bulls take over again.

• USOIL – OIL prices rise despite EIA huge inventory build as OPEC compliance on output offsets US output. WTI price declined to the 72.30% Fibonacci in the Wednesday session but managed to recover the early EIA-owed losses following OPEC related news. OPEC’s compliance on supply reduction and output control offset the strong US production, taking price to a close of $64.63, a previous support that may have just turned into a resistance.
• XAUUSD – GOLD prices ease following Fed’s signals on monetary policy but effect only short-lived. Spot GOLD fell to a daily low of $1332/oz yesterday as Yields weighed in on price following a no-rise from FOMC. The decline was only short-lived as Chinese New Year demand kicked in on the last day of the month.
• US Indexes – DJ and S&P 500 rose by 0.28% and 0.05% respectively.
• European Indexes – UK 100 dipped 0.72%, DE 30 -0.06%.
• Asian Indexes – ASX 200 rose by 0.85%, Nikkei 225 soared by 1.68%, Hang Seng trades 0.42% lower.
• US Equities – Exxon Mobil plummeted by 1.40%, Twitter soared by 1.75%.