FXPRIMUS, USD declines ahead of FOMC meeting... What to expect from markets today?

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Uncertainty around the political crisis in Germany remains in Eurozone while the chances of having another election are still on the table, as this option is preferred from Merkel instead on forming a minority Government.

The US Dollar saw a decline yesterday mainly on T-Yields, however, the risk-on markets today may offer investors some buying opportunities.

Today’s Forecast for Important Trading Indicators

Market Movers

• USDJPY – Dollar declines versus Yen after Monday’s rally despite positive Home Sales print. Dollar fell following Monday’s rejection at the 38.20% Fibonaci Retracement as T-Yields remained in negative territory. Today at 19:00 GMT, the Fed will publish the latest FOMC Meeting Minutes. Currently, the pair continues its downmove, nearing the 38.20% FR at 111.90.

• EURUSD – Euro ends session mixed, holding firm amid German political deadlock. Euro-Dollar closed unchanged yesterday due to lack of economic indicators despite the political pressure emerging around the formation of a German Government. While no major economic news are scheduled for Euro today, investors may focus on opportunities Dollar and Pound related releases.
• GBPUSD – Sterling closes flat after recent rebound following the Inflation Report Hearings. Pound tilted a marginal 7 pips higher yesterday but closed much lower than the day’s high of 1.3266 following comments from BoE officials about inflation. In addition, Public Sector Net Borrowing came out negative, adding pressure to the British Pound, however, today the pair started already on a better footing nearing yesterday’s high while market participants prepare for HM Treasury’s Forecast Statement.
• USOIL – Oil surges on API positive report, Oil disruptions, while OPEC-led cut weighed in. Crude Oil gained 70 cents yesterday following a draw of 2.1 mln barrels, as well as due to major ongoing Oil cuts from Canadian pipelines to US. Moreover, Oil’s upmove was supported by anticipations of an extended Oil production cut, which seems to be pushing the market higher this morning. Oil trades near $57.85 pb, heading towards a ‘fresh’ high.

• XAUUSD – Gold appreciates over political uncertainty in Europe ahead of FOMC Minutes. Spot Gold recovers some losses following a massive sell-off on Dollar’s strength while Germany uncertainty over forming a Government weighed in. Despite this, Gold managed to close Tuesday’s session $3.5 po higher and is currently moving upwards while market players patiently wait for the FOMC Meeting Minutes to be released.
• US Indexes – DJ and S&P 500 rose by 0.69% and 0.65%, respectively.
• European Indexes – UK 100 expanded by 0.30%, DE 30 by 0.83%.
• Asian Indexes – ASX 200 improved by 0.39%, Hang Seng trades 0.76% higher.
• US Equities – Twitter surged 3.55%, Tesla followed with a 2.94% boost.

Original Source: FXPrimus News