A number of Economic News & Events from the EU, Canada and the US today

November 17, 2017

US Tax Reform Bill Passes Through, Inflation Eyed.

A number of Economic News & Events from the EU, Canada and the US today

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Eurozone CPI remained unchanged in October adding no pressure to Dollar while risk-on assets action rose marginally as sentiment shifted to the US Tax Reform on grown vote optimism.

Sterling rebounded following UK data and Carney’s remarks on needed rate hikes to come.

Today, investors may find a number of opportunities based on news coming out from the EU, Canada and the US.

Today’s Forecast for Important Trading Indicators

Market Movers

  • GBPUSDPound gains on upbeat Retail Sales data, ‘fresh’ prospects on economic growth by year end. UK data showed a rise in consumer spending for the month of October, taking GBPUSD just below $1.32, by the top trendline of the descending channel started on October 13. The pair stated with a positive footing today, trading at 1.3238, partially owed to Carney’s remarks that BoE is likely to raise hikes twice more in the near future in order to control inflation.

GBPUSD 4-HOUR CHART

  • USDJPYDollar rises versus Yen on 5.5 trillion tax reform bill passing through with 227-205 votes. The US Dollar moved higher during yesterday’s session yet closed below the $113 resistance level as markets seemed somehow slow as the tax battle splits Senate. The pair is currently trading near 112.50 after Asian data increased demand for Yen.
  • EURUSDEuro falls following an anticipated CPI figure, Dollar’s strength. Euro declined nearly 20 pips against Dollar as Eurozone inflation figures pinpointed upcoming inflationary weight. In addition, despite action in the global markets was slow, Dollar’s moderate strength amid a passing tax bill backed the downturn. Euro is currently trading above $1.18 while investors prepare for Draghi’s speech.
  • USOILOil unmoved within a tight 70 cents range amid lack of economic data and media reports. Crude Oil traded in a tight range yesterday as the oil market scene remained relatively quiet following the EIA report last Wednesday. Despite oil did close unchanged, on a weekly basis this seems to be the first out of six weeks that Oil may close in a decline. Market participants could find opportunities around the release of the US Rig Count.
  • XAUUSDGold closes mixed on Tax Reform, appreciated during Asian on inflation concerns. Spot Gold traded between the 23.6% and 61.8% FE yesterday owed to GOP Tax Reform Bill votes. The top-bottom of 1275-1284 is currently holding prices within a ranging market, a break of which could set market sentiment. The precious metal is trading higher today as investors fear that the US Tax Reform may lead to increased inflation, which would counterbalance with a slowdown in interest rates.

XAUUSD 1-HOUR CHART

  • US Indexes – DJ and S&P 500 upsurged, 0.80% and 0.82% respectively.
  • European Indexes – UK 100 rose 0.19%, DE 30 climbed 0.55% higher%.
  • Asian Indexes – ASX 200 rose 0.20%, Hang Seng trades 0.52 higher%.
  • US Equities – Twitter grew 2.26%, Exxon Mobil declined 0.80%.

Original Source: FXPrimus News

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