Volatile end of the week with many Data Release & Economic Events awaiting today!

September 8, 2017

Euro Soars above $1.20, Irma Catastrophic.

Volatile end of the week with many Data Release & Economic Events awaiting today!

FXPrimus has provided the summary of Important Market Indicators of the day.

Today’s Important Indicators

The end of the week will be volatile as Chinese Trade Balance will be released from CGAC.

RBA’s Lowe will make a speech at the Bank of China Sydney Branch’s 75th Anniversary Celebration Dinner while at the same time UK will publish its latest Manufacturing Production figures at 08:30 GMT.

Canada will publish August’s Jobs report at 12:30 GMT and this will be followed by FOMC Harker speech at a research conference.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro towards $1.21 on hopes of QE tapering in October, Dollar pressured amid Irma. Euro-Dollar broke the $1.20 level and maintains momentum as hurricane Irma is nearing Florida after striking the Caribbean Islands leaving bodies behind. Yesterday ECB decided to leave the rates unchanged and despite no cuts on QE were announced Draghi’s comments that discussions are likely to start in October encouraged investors’ hopes. EURUSD break of the recent high could take the pair to a fresh resistance zone between 1.2235 and 90.

EURUSD 4-HOUR CHART

  • USDCADThe Canadian Dollar reaches a 2 ¼ – Year high on downbeat US data despite poor Crude stocks. Dollar weakened against the board of pairs, despite a decision to extent the debt limit to December 15, as Unemployment Claims in US came out 53K below expectations. Loonie has been solid due to the recent uptick of rates to 1.00% and despite Crude Oil Inventories did not support the decline in USDCAD, Dollar’s weakness did. The pair is nearing the $.120 level while investors focus on today’s Employment report to be published at 12:30 GMT.
  • USDJPYYen gains ahead of GDP, maintains bullishness after release and pierces $108.00. USDJPY fell to a fresh low despite economic data remained pretty much unchanged. Dudley’s remarks on previous hawkish comments weighed in yesterday and currently the pair is greatly impacted by the recent deadly threat presented by Hurricane Irma. The pair retested yesterday’s low a break of which could lead Dollar-Yen to 106.50, where the 61.80% Fibonacci retracement is.

USDJPY DAILY CHART

  • USOILOil slightly higher after a mixed session, move supported by downbeat China Trade Balance. Crude Oil appreciated despite EIA increase in Crude stocks as refineries in the Gulf Coast start full operations. The Oil price so far seems unaffected by Hurricane Irma however worries over a deterioration in demand increase while the deadly hurricane nears California. Price remains above the $49.50 level for now on the back of a rebound after recovery efforts picked up.
  • XAUUSDGold demand raises on Dollar weakness heading towards $1400 per ounce. Gold price moved around $20 since early-Thursday as demand for the safe-haven increased on the back of uncertainty in the U.S. despite an extension in U.S. debt ceiling. The move was greatly supported by Draghi’s remarks on QE discussion staring in October and the price of Gold surged on Hurricane Irma and Dollar’s vulnerability. A consolidation above $1360 could lead the precious metal to $1,400 level.
  • In US Indexes, S&P 500 closed 0.02% lower while DJ fell 0.10%.
  • In Europe, UK 100 moved 0.58% higher while DE 30 raised 0.67%.
  • In Asia, ASX 200 plummeted 0.48%, Nikkei for 0.44% and Hang Seng ticked 0.61% up.
  • In stocks, BoA declined 1.88% while Twitter jumped 2.32% up.

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