Cancellation of Bitcoin Hard Fork, Uncertain US Tax Reform plan and more just happened

November 9, 2017

Dollar Steady Amid Tax Reform Negotiations.

Cancellation of Bitcoin Hard Fork, Uncertain US Tax Reform plan and more just happened

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicators.

Today’s Important Indicators

The Dollar Index closed the session unchanged yesterday as uncertainty surrounding President Trump’s tax reform plan weighed in.

Today, markets are likely to be less volatile as no major economic and/or political events are scheduled in, apart the US Unemployment Claims and SNB Jordan’s speech at the Centre for Financial Studies Presidential Lecture.

Today’s Forecast for Important Trading Indicators

Market Movers

  • BTCUSDBitcoin surges to all-time high, plummets on cancellation of ‘hard fork’. BTCUSD rose to $7900 yesterday as investors had bought the pair in anticipation of a software update and the creation of a new coin, B2X. Bitcoin plummeted to $7K on market participants taking profits as the software update, or else called split, got cancelled, sending the majority of Altcoins 20%-30% higher.

BTCUSD 1-HOUR CHART

  • GBPUSDPound slides against Dollar amid UK politics, starts on a better footing this morning. GBPUSD closed yesterday’s session some 55 pips lower against Dollar as Prime Minister Theresa May loses another minister, Priti Patel, while Brexit Negotiations have yet to finish. Price was rejected at the 100 DM but closed above the $1.131 level. Currently, the pair trades near $1.315, marking a bullish start to the day.
  • USDJPYDollar steady around tax reform talks, lower against Yen as US Yield curve flattens. The US Dollar held firm across the board despite the US Senate Tax Cut Bill increased uncertainty. USDJPY rose for the day yesterday but declined while the US Yield Curve flattened most in ten years. The pair broke, and is trading, below the ascending trendline and could head lower towards $113.27.

USDJPY 1-HOUR CHART

  • USOILOil holds gains despite pressure from EIA inventories report and an increase in US output. Crude Oil fell marginally yesterday as Crude inventories fell only 2.23M, compared to the 2.8M expected, EIA reported. Despite more barrels were stocked for the week ending November 2, Oil held firm around $57 per barrel while US Oil production rose to 9.62M barrels per day.
  • XAUUSDGold pulls back 50% from recent swing high, price corrects while demand increases. Spot Gold closed the session higher yesterday, and kick-stated today’s, as increased uncertainty over the US Tax Reform diverts investors’ appetite to risk-off assets. In case $1289 breaks, Gold could head towards $1300 per ounce.
  • In US Indexes, DJ closed marginally higher while S&P 500 rose by 0.14%.
  • In Europe, UK 100 is trading 0.36% lower while DE 30 closed 0.02% lower.
  • In Asia, ASX 200 surged 0.55%, Nikkei declined 0.20% and Hang Seng trades 0.84% higher.
  • In stocks, Amazon appreciated by 0.86% while BoA struggled for another session, it fell by 1.43%.

Original Source: FXPrimus News

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