Investors focus on “G7 Meeting” today! and Here are what’s happening in the Financial Markets…

May 26, 2017

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Investors focus on “G7 Meeting” today! and Here are what’s happening in the Financial Markets…

This article is originally referred from FXPrimus News

Today’s Important Indicators

Investors wait for US Preliminary GDP and Durable Goods for April, after yesterday’s OPEC Meeting the market may look for additional opportunities presented by the Dollar.

Attention to the G7 Meeting may provide some good insights with respect to the policy making influence around the globe.

Traders may focus on the EURUSD, GBPUSD, USDJPY and Gold for trading opportunities.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
 All day All  G7 Meetings  –  –
 01:30 pm  US  Core Durable Goods m/m  0.4%  0.0%
 01:30 pm  US  GDP 2nd release q/q  0.9%  0.7%

Market Movers

  • US Dollar widens distance from monthly low of 1.33936 against the Canadian Dollar. USD gained +0.52% on Thursday’s session supported by positive Jobless Claims data and a 5% dive of Oil. USDCAD is heading to 1.35000 levels, a break of which will confirm the correction on the bearish trend.
  • GBPUSD slides to $1.29302 low backed on weak GDP growth since 2016, trading below its rival for the 4th consecutive session. Sterling widened its distance from the psychological level of 1.3000 on worse than expected data on the second reading for GDP growth. It is currently being traded below 1.29000 as May’s lead narrows, confirming a trend line break.

GBPUSD 4 HOUR TECHNICAL CHART

  • Euro gives up some gains vs the Dollar amid a lower than expected increase in jobless claims. EURUSD slipped 0.13% to ~1.12000 however, remains intact onto moderate losses. Today’s US inflationary data releases will set the end of this week’s trading session.
  • Crude Oil slides below $49 on Saudi’s comments. Oil fell to last Thursday’s low, below $49, on comments of an insufficient extension period. Market participants sold too-greedy Oil as 9-Month extension disappointed investors.
  • Gold remains high after China’s downgrade despite state-owned dollars sell-off. XAUUSD price remained high above $1255 still supported by yesterday’s Fed’s meetings, having bounced off the 50% Fibonacci support 1246.67.

GOLD 4 HOUR TECHNICAL CHART

  • Asian Indices traded higher on Thursday’s session with HK reaching a +0.80% gain.

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Original Source: FXPrimus News

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