Investors’ eyes on UK and EU inflation data & RBA Policy Meeting Minutes

October 17, 2017

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Investors’ eyes on UK and EU inflation data & RBA Policy Meeting Minutes

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicator of the day.

Today’s Important Indicators

At 12:30 RBA released its latest policy meeting minutes while Assist Gov Ellis was speaking about Australian politics & policy in an Investment Conference.

08:30 The Office for National Statistics will release its latest inflation figures.

09:00 the German ZEW Economic Sentiment will also be published.

10:15 Carney will testify before the Treasury Select Committee in London.

10:00 EU will release its Final CPI numbers. Minor US economic releases and Harker’s speech are expected to create some volatility at 12:30, 13:15 and 17:00 respectively.

Today’s Forecast for Important Trading Indicators

Market Movers

  • USD/JPYDollar tilts higher against Yen on hopes of policy hawk, moving away from 3-Week low. US Dollar edged up to $112.300 against Yen from a daily low of 111.65 following a report that President Trump will be supporting an interest rate hike as the next head of the Federal Reserve. Contrary to expectations, Bond Yields, both 5 and 30 Yr, tilted higher while the Yield Curve flattened. Minor economic releases later on today may give investors hints on USD/JPY future price.
  • EUR/USDEuro dips below $1.18 despite positive EU data as Catalonia deadline missed. Euro declined to a fresh 1-Week low of 1.1770 as Madrid’s direct rule on Catalonia independence was passed. Political fears increased amid Article 155 while Catalonian president Puigdemont called for urgent dialogue instead of respecting the deadline. The raise on US Bond Yields also weighed in, adding bearish pressure to the currently vurnerable Euro. Market participants look forward to the ZEW and EU CPI reports to be released today.

EUR/USD 1-HOUR CHART

  • GBP/USDSterling remains steady ahead of Brexit talks but declines as “catastrophic breakdown” on negotiations could be in play. The British Pound traded steady around the FE 100.00% at 1.3282 while Prime Minister Theresa May was preparing to meet the head of European Commission and Chief Brexit Negotiator in Brussels. Brexit negotiations and specifically EU’s strong stance on trade agreements took Pound lower, where a rejection on the FE 61.80% was seen. Market players are waiting for today’s CPI release as well as Carney’s speech in London.

GBP/USD 1-HOUR CHART

  • USOILCrude Oil sent to 3-Week high amid Iraq/ Kurdistan clash, depreciates on profit taking. Crude Oil prices moved higher yesterday as reports said that Iraqi forces seized Kirkuk’s Oil fields, disrupting near 350K barrels of supply per day. Oil price was rejected near the 100.00% FE at $52.68 as investors started securing profits. Eyes on today’s API release on Crude Inventories.
  • XAU/USDGold backs down from psychological 1300.00 on strong Dollar despite geopolitical tensions. Spot Gold fell to a low of $1288.00 per ounce this morning as risk-on appetite favours equities and the US Dollar. The precious metal lost recent gains amid a rise in Treasury yields on reports that president Trump favours a policy hawk as the next head of Fed while geopolitical events are supporting Gold price.
  • In U.S Indexes S&P 500 and DJ jumped 0.37% and 0.18% higher, respectively.
  • In Europe UK 100 depreciated 0.11% while DE30 appreciated a marginal 0.09%.
  • In Asia ASX 200 climbed 0.69% higher, Nikkei tilted up by 0.38% and Hang Seng increased a marginal 0.05%.
  • In stocks Apple upsurged 1.84% while Twitter declined 1.40%.

Original Source: FXPrimus News

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