Dollar Higher as Investors Persist With View on Rising Rates.
This article is originally referred from FXPrimus News.
FXPrimus has summarized the important market indicators of the day!
Today’s Important Indicators
Volatility is expected early in the session today, starting with RBA’s minutes, followed by Eurozone, US and Asian data.
A busier day starting with a possible view on Australia’s future policy direction. In Germany, the ZEW economic index is expected at 09:00 GMT, while Euro has been in an upmove this morning.
The US will announce Housing data at 12:30 GMT and near to the close of the session Japan will release their Trade Balance.
Today’s Forecast for Important Trading Indicators
- GBPUSD – Sterling forms a continuation pattern after Carney’s speech as remarks on slow growth took Pound lower. The British Pound fell to the FE 100.00% at 1.3457 retesting the previously broken level after BoE Carney said at the Central Banking Lecture hosted by the IMF in Washington that Brexit is likely to push inflation higher and slow growth. Pound-Dollar is currently trading higher, having recovered yesterday’s losses, maintains a bullish bias within the ascending channel. London traders eye tomorrow’s Retail Sales at 08:30
- USDJPY – Dollar hit an 8-Week high against Yen on increased confidence over another rate hike by year end. Dollar gained for an 8th consecutive session against Yen on traders’ expectations for another rate hike ahead of Wednesday’s FOMC Meeting. USDJPY broke outside the bearish channel last week and retested the broken level while bullish momentum remained strong. The pair is currently above the FE 61.80% at 111.620 and heading towards the next resistance at 112.145. Today’s Building Permits at 12:30 are the focus for investors.
- BTCUSD – Bitcoin rejects the $4K level, moves lower as investors take profits. Bitcoin surges above the $4K level from a below $3K price reached after Jamie Dimon’s remarks last week while pressure from the Chinese Government increased. Traders seemed to have shrugged off the recent Crypto-Crisis news and took Bitcoin to a ride placing the digital currency in a position beyond government control. Investors patiently do wait for the end of September, where Bitcoin Exchanges in China are expected to shut down.
- USOIL – Crude falls ahead of EIA, maintains position above $50 on recovery bulls’ trade. Crude Oil fell below the $50 level yesterday as fears over Hurricane Marin hitting the US increased, however concerns subsided as Irma’s predecessor is far from reaching the U.S. coasts for now. Oil volatility is likely to return within the coming days/ weeks as risk of insufficient investment in production.
- XAUUSD – Gold depreciates on strong Dollar reaching a 3-Week low as rate hike right in the corner, investors believe. The price of Gold fell as strong traders’ beliefs on another rate hike by year end increased while Dollar ascended. Gold broke the $1320.00 support and could be heading towards 1300 taken the ascending trendline keeps the price below 1312. Today’s U.S. data on Building Permits could determine that. In case that does not happen today, tomorrow on FMOC this is likely to occur.
- In US Indexes, S&P 500 closed 0.15% higher while DJ appreciated 0.28%.
- In Europe, UK 100 raised 0.52% while DE 30 +0.32%.
- In Asia, ASX 200 fell only 0.06%, Nikkei upsurged 1.96% higher and Hang Seng remained unchanged.
- In stocks, Twitter slumped 2.28% while Amazon depreciated 1.28%.
Original Source: FXPrimus News