Draghi & Yellen’s speech and many other important Economic Data are awaiting today!

October 4, 2017

Dollar Weaker Ahead of Today’s Heavy Data.

Draghi & Yellen’s speech and many other important Economic Data are awaiting today!

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicator of the day.

Today’s Important Indicators

A volatile session starting with marginal impact EU PMI reports from 07:15 onward, while UK will release its own Services PMI at 08:30.

ADP will publish its own NFP report at 12:15 and later at 14:00, ISM its own Non-Manufacturing PMI

. EIA will release the latest Crude Oil Inventories at 14:30.

Market participants could take advantage of Draghi’s speech at the Inauguration of the ECB Visitor Centre at 17:15 in addition to Yellen’s opening remarks at a community banking conference hosted by the Federal Reserve Bank.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro recovers against Dollar on Eurozone PPI, Powell’s speech. Euro gained versus the Dollar despite the poor Spanish data, as late in yesterday’s session industrial producer prices rose by 0.3%. The move was supported by Powell’s speech about regulatory reform ahead of a heavy data Wednesday. Investors focus on Draghi’s speech at the Inauguration of the ECB Visitor Center, while Euro strengthens against the Dollar, currently breaking the top line of the descending channel.

EURUSD 4-HOUR CHART

  • GBPUSDPound remains under pressure following another poor PMI report. Sterling fell for an eighth session after the Construction PMI came out worse than expected, and below the 50.0 mark, signalling a contraction in UK’s economy. The report was the second out for three this week, both of which disappointed, while the third is expected today at 08:30. The pair holds near 1.3262, where a previous resistance turned (temporarily) into a support, and where the 38.20% Fibonacci lays.
  • USDJPYDollar-Yen fails to close above 113.00 in quiet trade, Dollar weakens. Dollar experienced marginal losses against Yen backed by Powell’s speech ahead of busy Wednesday as investors eager for Yellen’s speech, the ADP NFP, as well as the ISM Non-Manufacturing PMI report. On the hourly chart the pair bounced off the 200 SMA at 112.46 and is likely to consolidate until the ADp NFP at 12:15 today.
  • USOILOil price declines despite huge draw as gasoline inventories raise, OPEC production increase. Crude Oil depreciated to the 23.60% Fibonacci retracement while that happens to be the previous resistance broken on September 14. The API report released yesterday showed a big draw in WTI stocks, however, the gasoline inventories delivered almost 4 times more stocks. The black gold’s production increase by OPEC also weighed in.
  • XAUUSDGold gains versus Dollar after finding support at $1268, weakness in Dollar weighs in. Spot Gold appreciated marginally versus the Dollar, bounced off at the 38.20% Fibonacci level at 1268, where the bottom line of the ascending channel intersects. Gold only have just completed a third wave down a price could head up for a double wave, taking divergence confirms the move. Keeping in mind another hike could be expected, Gold could remain under pressure.

GOLD 4-HOUR CHART

  • In US Indexes, S&P 500 closed 0.22% higher while DJ appreciated 0.37%.
  • In Europe, UK 100 appreciated 0.39% while DE 30 raised 0.58%.
  • In Asia, ASX 200 plummeted 0.77%, Hang Seng ticked 0.70% up, and Nikkei remained almost unchanged at +0.04%.
  • In stocks, Twitter surged 2.93%, Tesla followed with an increase of 1.94%.

Original Source: FXPrimus News

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