May 24, 2017

FXPRIMUS, Volatility: ECB Draghi Speech & FOMC Meeting Minutes awaiting today!

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Several Important Economic Data to be released today!

This article is originally referred from FXPrimus News.

Today’s Important Indicators

After an unusual volatile Tuesday and finally a USD rebound, important inflationary data are expected to come out today, that may create some volatility and potential opportunities for investors and traders.

After a good session for the USD yesterday market participants may look for trades on Eurozone, Canadian and US data releases with extra attention to the BoC Monetary Policy announcement.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
01:45 pm EU ECB Draghi Speech
03:00 pm CA BoC Rate Statement
03:30 pm US Crude Oil Inventories -2.4m -1.8m
07:00 pm US FOMC Meeting Minutes

Market Movers

  • The Pound slips after terror attack drama and remains close to psychological level of 1.3000. The sterling remained strong into a range following the Manchester terror attack, however it closed near daily low at 1.29655. The horrific event reminds of Jo Cox’s shocking death before the June 23rd referendum last year, where another campaigning suspension occurred.
  • EURUSD reached a low of 1.11797 on Tuesday’s session despite 6-Year high business activity in Eurozone. The most trader pair pulled ~86 pips back on Tuesday after creating a new high on Eurozone data amid US data, FOMC speech. Market participants may focus on today’s Draghi speech, FOMC meeting minutes’ release and Crude inventories.
  • US Dollar gains +0.20% against Yen as service sector reaches 4-Month high. The Dollar traded higher than the Yen on Tuesday for a consecutive session despite a slip in new home sales. The pair remained around 111.200 finding temporary support at 110.907 and bounced higher on US strength to close at 111.831.
  • CAD remains strong against the U.S Dollar below 1.35000 having made a new low at 1.34548, supported by OPEC. The Canadian dollar broke the psychological level on Tuesday and closed the session on a positive note. Investors may look for opportunities in today’s BOC rate Statement where volatility may be high.
  • NZDUSD extents its gains further continuing to sustain a bullish pressure touching April’s high. Kiwi in momentum after breaking the Monthly opening range on Trade Balance report. Most likely in a pull-back mode for now, with a possible scenario of a bullish bias towards 0.7215.
  • Oil slips from 1-Month high on Trump decision to sell half of U.S. oil reserves, creating a new one at $51.78. Traders may look for opportunities on Crude oil inventories today, which are at 5-Year high.
  • Hong Kong Index closed lower on Tuesday’s session, where the Aussie Index ranged and traded in a consolidation. Nikkei was broadly strong and reached a 2-week high.

FXPRIMUS Official Website

Original Source: FXPrimus News

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