Today’s Important Indicators

A light calendar for today with some action on GBP, USD, CAD and Oil. GBP Consumer Inflation data are expected to create some volatility however investors are likely to focus on Thursday’s Retail Sales.

CAD Manufacturing data and USD Crude Inventories could be encouraging for market participants to get in some opportunities to buy or sell.

Today’s Forecast for Important Trading Indicators

• Euro rallies towards 1.1130 on Trump worries, weak manufacturing US data. EURUSD opened higher yesterday as Euro Zone GDP matched analysts’ expectations and remained bullish on concerns over Trump disclosing intelligent information to Russia while US data weighed on sentiment. Euro climbed to a 6-month high for an upside 100-pip daily move. Correlated Swiss Franc best performer at +1.12%. Euro sees a strong open today.
• Pound struggles to remain above 1.29000 on elevated 3-year high inflation. Uncertainty increases over Brexit as slowing economic growth keeps investors concerned over short term interest rate decisions. GBPUSD under stress on disappointing housing price data; keeps ranging finding resistance at 1.29417 this morning.
• Aussie stronger than US Dollar holds hold in Asia on US politics. Dollar lost short-term bulls in previous session trading around 0.74200, momentum could be suggesting further gains.
• USDJPY breaks previous low of 113.120 against weaker greenback. Short-term bearish momentum may support a further break down below 113.000 after Tuesday’s session. USDJPY traded around 112.500 this morning confirming the bearish momentum looking at the 112.080 support and a confirmation of trend reversal next.
• The Canadian Dollar reaches a 3-week high on USD vulnerability. USDCAD broke the 1.36000, flirting with 1.35000 support level which may be, technically speaking, achieved.
• Gold supported by Oil, USD, sitting on comfort zone above 1235.00. A further upside may be the trigger for short-term bulls after confidence was gained breaking and remaining above the 200 EMA. USDXAU reached the 38.2% Fibonacci level @1245.10 this morning, further gains could be expected in case this level is broken.
• Oil continues higher only to end below $49/b. Crude fell almost 0.5% struggling to breach above 50.00 psychological level. Focus on today’s inventories release with current levels around 48.50.
• Most of Asian Indices traded higher on Tuesday’s session with Hang Seng slightly lower.

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