Important Indicators: busy market with Economic Events in EU, US and NZ

September 27, 2017

Dollar Stronger Despite Bad Data, Yellen Considered Hawkish.

Important Indicators: busy market with Economic Events in EU, US and NZ

This article is originally referred from FXPrimus News

FXPrimus has summarized the important indicators of the day.

Today’s Important Indicators

A volatile session starting with EU Money Supply at 08:00.

CB will follow with the US Core Durable Goods Orders at 12:30 and with the Pending Home Sales at 14:00.

EIA will release last week’s Crude Stocks thirty minutes later.

In Canada, Poloz is expected to speak about the recent developments in the Canadian economy and implications for monetary policy at 15:45.

Brainard will follow at 18:00 with the delivery of a speech titled “Labor Market Disparities and the Mission of the Federal Reserve”, two hours before NZ Official Cash Rate release.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro hits 1-Month low as German Import data disappoint, markets still price in elections results. Euro reached a fresh low 1.1757 against the Dollar on Tuesday ahead of Yellen’s speech due to worse than expected German Import Prices and the effect of the German election results. Yellen was neutral in her speech at the National Association for Business Economics Annual Meeting and data from the U.S. were not particularly positive for the U.S economy either. EURUSD is trading just above the 100% Fibonacci Extension, where the weekly support also is, as the 4 hour chart illustrates.

EURUSD 4-HOUR CHART

  • USDJPYDollar higher against Yen despite Consumer Confidence and Home Sales tumble. Dollar moved near 100 pips higher against the Yen despite economic data from the largest economy in the world, surprisingly, came out worse than expected. The Dollar remained firm during Yellen’s speech and formed a double top against Yen at 112.53. Investors’ eye the many reports expected today starting with Durable Goods at 12:30 GMT.
  • GBPUSDSterling drops lower despite UK and U.S data as Brexit negotiations. The British pound tumbled to a low of 1.3407 after European Council President Donald Tusk said that not enough progress has been made on trade discussions between UK and EU. The Pound has been under pressure since Moody downgraded the UK credit rating to its lowest ever, from Aa2 to Aa1, as fears that Brexit could harm economic growth raise.
  • USOILCrude hits a 2-Year high despite tightening market, probabilities of a $60 per barrel increase. Crude Oil hit an above $52 per barrel price in Tuesday’s session as API report surprisingly saw a draw of 761k barrels in Crude Inventories. Demand could send the price of Oil to, or above, the $60 level, as OPEC is expected to extend cuts while the Kurdish referendum supports the bulls. Oil gets closer to the 161.80% Fibonacci Extension at 52.74, as the chart illustrates.

CRUDE OIL DAILY CHART

  • XAUUSDGold falls below $1300 per ounce on strong Dollar after wild fluctuations were seen over the past few days. Gold plummeted despite the conflict between North Korea and the US and the negative US data as most investors anticipated Yellen’s remarks as hawkish. Gold closed $17 lower compared to Monday and cold be heading lower assuming Dollar’s strength does not subside. Today’s US data to be closely watched.
  • In US Indexes, S&P 500 and DJ remained almost unchanged +0.01 and -0.05% respectively.
  • In Europe, UK 100 declined 0.21% while DE 30 remained almost unchanged at +0.08%.
  • In Asia, ASX 200 remained almost unchanged at -0.08%, Nikkei plummeted 0.31% and Hang Seng surged 0.37%.
  • In stocks, Twitter fell for a consecutive session for 2.30% while Apple surged 1.72%.

Original Source: FXPrimus News

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