Investors awaiting for the release of EU GDP and Draghi’s Speech today!

December 7, 2017

Majors Decline on Routine Year-End Selloff, and Some Data.

Investors awaiting for the release of EU GDP and Draghi’s Speech today!

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The majority of majors closed the session on a bearish note yesterday possibly marking the beginning of year-end sentiment and due to lack of positive data.

Both OIL and GOLD, and most commodity pairs, plummeted while Bitcoin surged to new highs.

This morning started on a bad footing for AUSSIE. More opportunities are likely to appear around the release of EU GDP and Draghi’s Speech.

Today’s Forecast for Important Trading Indicators

Market Movers

  • GBPUSD – CABLE falls on DUP leader Foster’s remarks surrounding Brexit text. The British Pound moved to a daily low of 1.3555 (near 38.20% FR) yesterday, as pressure on the Brexit divorce intensified when Arlene Foster, DUP leader, told media that she first saw the Brexit agreement draft minutes before Monday’s May-Junker launch. The pair weakened some 50 pips by day’s end.
  • EURUSD – EURO declines on political uncertainty following ECB Meeting, focus on SPD convention. EURO fell to the 72.30% FR at 1.1780 yesterday after ECB’s meeting added to political uncertainty, testing the 100 DMA. With today’s GDP revision, SPD’s convention in Berlin and Draghi’s speech in Frankfurt EURO is likely to be volatile.
  • USDJPY – DOLLAR closes a negative session against YEN, weakness marginal amid good data. Dollar held firm against a major correction selloff following a positive ADP NFP report. Despite the session kicked-off on a negative footing price was rejected at the 50.00% FR correction and left bears since. Investors expect only the Unemployment Claims regarding opportunities today but remain more excited about tomorrow’s NFP.

USDJPY 1-HOUR CHART

  • USOIL – US OIL plummets as EIA reports a major build in Gasoline inventories. OIL plunged ~$1.6 per barrel yesterday following EIA’s report on Oil and gasoline stocks. OIL stocks came out in-line with economists’ expectations however EIA’s confirmation of the large Gasoline build – API reported a huge Gasoline build on Tuesday – moved price closer to the 38.20% FR of $55.75 per barrel.

US OIL 4-HOUR CHART

  • XAUUSD – Gold follows USD trail, almost unchanged, yet it also closes negative. Spot GOLD closed the session nearly $2/oz lower yesterday despite DOLLAR’s slight weakness, moving below the 100 DMA while risk appetite increases ahead of tomorrow’s NFP. Prices currently trade near $1257, nearly $6 dollars lower than Wednesday’s close as DOLLAR recovers some of its losses.
  • US Indexes – DJ fell by 0.16%, S&P 500 remained unchanged.
  • European Indexes – UK 100 closed 0.28% higher, DE 30 0.38% lower.
  • Asian Indexes – ASX 200 appreciated by 0.51%, Hang Seng trades 0.22% higher.
  • US Equities – Tesla surged 1.54% higher, BoA slipped 1.00%.

Original Source: FXPrimus News

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