FXPrimus has summarized the important market indicators of the day!

Today’s Important Indicators

Yesterday, Sterling plummeted to a 1-Month low as a widely expected interest rate hike was already priced in and additional hikes are to be gradual.

At the same time, US President Trump nominated Powell as next Fed Chair.

Today, market participants’ focus turns to the monthly US Payroll data where revisions are likely to be seen after last month’s disappointing release, while economists foresee a growth of 312K.

On Cryptocurrencies, Bitcoin maintained the bullish momentum and managed to false-break the $7300 resistance while CME’s announcement for Bitcoin Futures weighs in.

Today’s Forecast for Important Trading Indicators

Market Movers

• GBPUSD –Sterling plunged against Dollar to a monthly low of 1.3040 on BoE’s rate hike. The British Pound posted sharp losses yesterday after BoE raised interest rates for the 1st time in a decade. The rate was seen dovish as cautious BoE announced that following rates would be gradual while at the same time the hike was already priced in. Priced was rejected at the bottom of the descending channel, as seen on the chart.

• BTCUSD – Bitcoin investors remain bullish after CME’s announcement for Futures. BTCUSD rose to an all-time high after a successful break of the $7K psychological resistance as institutional investors and traders pushed price higher following CME’s announcement on Bitcoin Futures two days ago. This has marked a back-to-back record high and is likely to be repeated until Bitcoin fork on November 16 is completed.
• USDJPY – Dollar marginally lower ahead of NFP as Trump nominates Powell. Dollar traded in a range of ~50 pips yesterday following a series of data from the US and Powell’s nomination as the next Fed Chair. Dollar – Yen fell to a daily low of 113.53 on Trump’s tax bill but managed to close higher above $114 while investors prepare for today’s Payroll data.
• USOIL – Oil appreciates on Libya protests, Shell delivers top earnings for Q3. Crude Oil closed the session at $54.78 per barrel as Sara oilfield lost 50K bpd in production amid ongoing protests. In addition, Shell reported top Q3 profits, which has increased confidence for Big Oil earnings season. Oil is currently mixed, trading near yesterday’s close.
• XAUUSD – Gold solid amid mixed Dollar after $1.51 trillion tax bill unveiled. Spot Gold toped a daily $1284 per ounce after republicans unveiled that President Trump’s tax bill would cost $1.51 trillion but managed to close to $1275 as next Fed Chair announced. Next moves on Gold are to be seen today around the release of Payroll data.

• In US Indexes, S&P 500 rose by 0.35% and S&P 500 remained unchanged.
• In Europe, UK 100 is trading 0.19% higher and DE 30 0.07% lower.
• In Asia, ASX 200 appreciated by 0.47%, Nikkei upsurged by 0.53% and Hang Seng +0.30%.
• In stocks, Tesla plummeted 6.80% with Twitter following behind by -4.37%.