Market moves with the Risk around the US Tax Bill & Political uncertainty around UK President

November 14, 2017

Emphasis on Euro-wide Data, Central Bank Members due to Speak.

Market moves with the Risk around the US Tax Bill & Political uncertainty around UK President

This article is originally referred from FXPrimus News

FXPrimus has summarized the market indicators of the day.

Today’s Important Indicators

Euro held the lead yesterday as risk around the US Tax Bill weighed in while Sterling plummeted on political uncertainty around May’s ability to govern.

While investors expect the Senate’s plan this week, markets continue offering opportunities with the UK CPI, EU GDP, US PPI and Central Bank members’ speeches.

Today’s Forecast for Important Trading Indicators

Market Movers

  • GBPUSDPound dives amid political turbulence over British politics. GBPUSD slipped yesterday as much as 1.0% before recovering some of the losses above $1.31. The decline came about following reports that forty MPs want May to hand over her government as Brexit negotiations toughen. The British currency trades marginally below the 100 DMA while investors look forward to the release of October’s inflation data, where economists expect an improvement of 10 basic points.

GBPUSD DAILY CHART

  • EURUSDEuro tilts higher against Dollar, gets rejected at strong resistance of 1.1673. Euro turned farther aside than the 3-Month low reached a week ago following a correction near 1.1630 amid a weaker Dollar. The correction occurred around reports over a possible US rate hike in December. Euro bulls currently push to break the strong resistance while German and Euro-wide data, as well as the ECB Conference, are soon due.

EURUSD 1-HOUR CHART

  • USDJPYDollar gains versus Yen on BoJ Gov Kuroda’s remarks around monetary policy. The US Dollar rose from an opening of 113.44 to a day close of 113.61 as macroeconomic news coverage for Japanese monetary policy weighed in. BoJ Gov Kuroda, in his speech at the University of Zurich, said that ultra-loose monetary policy is likely to carry on until the 2.0% inflation target is hit. The pair trades near the 113.66 resistance.
  • USOILOil marginally lower despite OPEC-led production cuts as US output increases. Crude Oil closed another session with bulls and bears battling around the $57 level. Despite prospects for Oil remain positive price looks puzzled around the $47pb level, which seem to suggest that either a pull-back, or a break higher may be in play soon. Today’s API count on Oil stocks may provide some clues for Oil’s future price direction.
  • XAUUSDGold moves higher as uncertainty around the delayed Tax Bill adds to risk-off appetite. Aside the massive sell-off of 4 million ounces of Gold last Friday that led to a $12-dollar depreciation, risks ahead of the US Tax Reform helped Gold recover some losses as debates hit-up. Gold trades lower today as US Yields removed sentiment on safe-haven demand.
  • In US Indexes, DJ and S&P 500 both closed 0.07 and 0.10% higher, respectively.
  • In Europe, UK 100 is trading 0.21% higher, DE 30 0.25% lower.
  • In Asia, ASX 200 dived 0.84% and Hang Seng -0.10%.
  • In stocks, Tesla surged 4.0% higher, Twitter declines by 0.74%.

Original Source: FXPrimus News

50 USD for Free

Free 123 USD

30 USD for Free

25 USD for Free

300 USD for Free

100 USD for Free

Partner brands

Hercules