Dollar Index lowers 45 pips amid Bond Yields and political headlines

November 10, 2017

US Tax Bill Amendments and Delays a Possibility.

Dollar Index lowers 45 pips amid Bond Yields and political headlines

This article is originally referred from FXPrimus News

FXPrimus has summarized the market indicators of the day!

Today’s Important Indicators

The Dollar Index closed nearly 45 pips lower yesterday amid Bond Yields and political headlines.

This morning, Aussie dipped as RBA’s dovish view on inflation prospects weighed in.

While investors expect the Senate’s plan either today or earlier next week, markets continue offering opportunities today with the UK Manufacturing Production and the UoM Consumer Sentiment.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro moves past $1.16 on more optimistic European Growth forecast. Euro widened its gap from the recent 3-Month low of 1.1545 as the economic expectations in Europe improved, ECB reported. After a retest at the 100 1H-MA, the pair surged near 1.1650, where price consolidates around. A further appreciation could lead towards $1.17.

EURUSD 1-HOUR CHART

  • USDJPYDollar declines on the back of Senate’s plan news and Trump’s comments to NK. The US Dollar reached a 10-Day low yesterday due to the uncertainty around the Senate’s plan for the widely expected corporate tax cuts. Furthermore, President Trump’s visit to China shifted investor focus with highlight being his military-action-friendly comments. In addition, Dollar lost momentum due to the poor Jobless Claims reported, which rose some 7K, taking the pair to fresh lows towards 133.300.

USDJPY 1-HOUR CHART

  • GBPUSDPound gains against Dollar on positive developments around Brexit negotiations. GBPUSD closed above $1.31 yesterday but still within the consolidation area between 1.3080 – 1.3170 as Prime Minister Theresa May called upon European Charity organisations to discuss the effects of Brexit on them. Pound is currently trading right by the 100 1H-MA near 1.3133, a break of which could take price lower, a retest is more likely to hold Pound firm above $1.31.
  • USOILOil remains stable around $57 despite cut in exports as US export booms. Crude Oil closed another session with bulls and bears battling around the $57 level. Yesterday, reports said that Saudi’s are likely to cut oil exports by 120K bpd in December, yet, no tilt was seen in price as buoyant US oil exports counterbalanced the effect.
  • XAUUSDGold closed another session on a positive outlook as geopolitical tensions escalate. Aside the risk produced by the uncertainty around the US tax Bill, Gold prices rose for a consecutive session as tension in Middle East between Saudi Arabia and Iran weighed in. Gold could head to $1280 in case any of the above geopolitical or political risks intensify.
  • In US Indexes, DJ and S&P 500 both closed 0.43 and 0.38% lower, respectively.
  • In Europe, UK 100 is trading 0.61% lower, while DE 30 is trading -1.49 lower%.
  • In Asia, ASX 200 dived 0.30%, Nikkei plummeted 0.82% and Hang Seng trades slightly higher.
  • In stocks, BoA slipped 1.12% lower while Twitter saw an uptick of 1.58%.

Original Source: FXPrimus News

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