ECB Policy Announcement, Speech of FOMC Dudley & Draghi and more coming up today!

September 7, 2017

Draghi and ECB Refi Rate in Focus.

ECB Policy Announcement, Speech of FOMC Dudley & Draghi and more coming up today!

This article is originally referred from FXPrimus News

FXPrimus has provided the summary of important indicators of the day.

Today’s Important Indicators

Market participants will take advantage of ECB’s policy announcement and Draghi’s speech later on at 12:30 GMT.

Australia will release its latest Retail Sales and Trade Balance figures and U.S will follow with its latest Jobless Claims and Crude Stocks, while later FOMC Dudley will speak at New York University.

The session will be followed by Japan’s final GDP figures at 23:50 GMT.

Today’s Forecast for Important Trading Indicators

Market Movers

  • USDCADLoonie upsurges after BoC raises interest rates for 25 points, a second hike this year alone. Dollar faced serious losses against the Canadian counterpart as the Bank of Canada decided to increase interest rates 0.25% following the most recent monetary policy meeting. Despite only two votes for a figure of 1.00% were estimated out of the 29 total votes, the surprise helped pushed USDCAD to fresh lows not seen since June 2015 while it moved price below the 200 WMA.

USDCAD WEEKLY CHART

  • AUDUSDAussie surrenders some of Q2 GDP gains on disappointing Trade Balance. The Australian Dollar increased some 50 pips as figures showing an acceleration in economy weighed in yesterday. The pair retraced to the 61.80% Fibonacci level in the Asian session amid Trade Balance and monthly Retail Sales data. In addition, a deal to extend the U.S. debt limit until December 15, weighed in.
  • EURUSDDollar slightly higher against Euro as ISM Non-Manufacturing raises, pair remains above $1.19. Overall US economic indicator figures came out positive yesterday, resisting another bullish move on EURUSD, but pressure on the Euro remains as president Trump and congressional leaders decided to extend the debt limit in order to avoid a shut down. Euro – Dollar price remains within the ascending triangle as illustrated in the hourly chart below. Eyes on ECB’s rate decision at 11:45 GMT.

  • USOILOil stuck below $50 per barrel, marginally higher compared to yesterday despite refining capacity worries. Crude Oil appreciated above $49.00 despite API stock data came out worse than expected, as uncertainty over the impact of hurricane Harvey subsided once the figures published. Few days ago, refining operation partially restarted and will take a few weeks for full production capacity. Investors eye EIA’s report today at 15:00 GMT.
  • XAUUSDGold lower on US debt ceiling extension as uncertainty over a government shutdown subsides. Gold seems to be getting in a consolidation between 1330.00/40.00 as yesterday’s decision to extend the debt limit until December 15 took Gold price to a low level of $1331. Since no news or an escalation of the N.K – U.S. crisis developed the precious metal’s price could maintain a position within the aforementioned range. Today’s decision on ECB’s rate will play in.
  • In US Indexes, S&P 500 increased 0.31% while DJ also raised for 0.25%.
  • In Europe, UK 100 declined 0.25% while DE 30 climbed 0.75% up.
  • In Asia, ASX 200 and Hang Seng fell 0.10% and 0.22% respectively while Nikkei increased 0.19%.
  • In stocks, Tesla slumped a 1.08% while Exxon Mobil appreciated 2.07%.

Original Source: FXPrimus News

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