High Volatility expected on EUR & USD as a number of data is expected to be released today

August 31, 2017

Be aware of the date releases awaiting today!

High Volatility expected on EUR & USD as a number of data is expected to be released today

This article is originally referred from FXPrimus News

FXPrimus has provided the summary of Important Indicators of the day.

Today’s Important Indicators

Investors could take advantage of opportunities starting with the Asian session and the Chinese data on Manufacturing and Services sectors at 01:00 GMT. New Zealand’s Business Confidence will be released at the same time.

In addition, at 01:30 GMT, Australia will release data on Private Capital Expenditure while hours later, from 06:00 onward, Euro is expected to be volatile as German Retail Sales, the French CPI, German and Italian Unemployment data, and Eurozone’s Core CPI reports will be released.

Canada will follow with its own monthly GDP data at 12:30 GMT while at the same time, U.S Jobless Claims will come out too along with the Core PCE and Personal Spending reports.

The session will close with the Chicago PMU and Pending Home Sales at 13:45 and 14:00 GMT respectively.

Today’s Forecast for Important Trading Indicators

Market Movers

  • USDJPYDollar reaches a 2-Week high against Yen, rises to 110.50, on upbeat data from US. Dollar-Yen maintained the bullish rally for another session on better than expected ADP and GDP data. The ADP jobs report surged while the 2nd GDP release was revised up to 3.0% from an expected figure of 2.7%. Yen gave up early week gains, despite upbeat Retail Sales on Tuesday night, and surrendered to Dollar on last night’s disappointing Prelim Industrial Production. The pair broke above the descending trendline on the chart below and could be heading for a double top, or, even higher, to the 100% Fibonacci Extension.

  • USDCADDollar higher against Canadian counterpart on upbeat US data, tax reform talks. Dollar-Loonie depreciated amid ADP jobs gains, followed by improvement in quarter GDP. In addition, President Trump made a push in tax reform during his opening speech in Springfield, Missouri. Loonie was also affected by the oil and the fact that U.S refineries kept shutting operation amid Hurricane Harvey aftermath. Investors’ eye today’s monthly GDP data at 12:30 GMT.
  • EURUSDEuro losses gains on Dollar acceleration, declines from record 2 ½ – Year high. Euro plummeted in NY session yesterday following data from the Eurozone and later US. The pair cracked the 1.1910 support and currently trades just above the 61.8% Fibonacci level at 1.18656. As long as the price remains above the ascending trendline, seen in the chart below, the bullish bias could be maintained. Many economic data from the Eurozone, along with the Jobless Claims later today, could determine whether this is the case or not.

EURUSD 1-HOUR CHART

  • USOILOil fails to recover losses despite positive EIA data, on the way to hit a 5th week in decline. Crude Oil fell for another day despite strong inventory data from EIA amid the shutdown in U.S. refining capacity that the Hurricane Harvey has caused. Inventory declines have been a usual phenomenon over the past few weeks but damages from disastrous Harvey and the end of the driving season drove price down. Oil currently trades near $46.20 per barrel.
  • XAUUSDGold declines further on strong Dollar, maintains price above 1300.00 per ounce. Gold price depreciated for another session as Dollar curtails further bullish move in the precious metal. Spot is currently trading down, however, the 23.6% Fibonacci Retracement is not yet broken. Today’s data from the U.S., or any fresh developments over the North Korea crisis could move Gold price either on the up, or, downside.
  • In US Indexes, S&P 500 closed 0.46% higher while DJ increased 0.12%.
  • In Europe, UK 100 appreciated 0.38% while DE 30 jumped 0.47%.
  • In Asia, ASX 200 increased 0.68%, Hang Seng fell 0.64% and Nikkei inclined 0.73%.
  • In stocks, Bank of America surged 1.75% while Tesla few point below at +1.68%.

Original Source: FXPrimus News

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