Investors’ today’s focus on “US GDP” and “OPEC’s meeting”! What to expect?

November 29, 2017

Bitcoin Breaks Past 10K, Sterling Hits Fresh 2-Month High.

Investors’ today’s focus on “US GDP” and “OPEC’s meeting”! What to expect?

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Despite a strong session was seen in the Forex market yesterday, Dollar, Sterling and Gold were outshone by Bitcoin’s surge near $10K.

While traders were enjoying yesterday’s profits from a strong Dollar and Sterling, Bitcoin soared past the $10K level marking an all-time high.

The market will offer some good opportunities today around the release of the US GDP, Carney’s and Yellen’s speeches, as well as OPEC’s meeting in Vienna.

Today’s Forecast for Important Trading Indicators

Market Movers

  • BTCUSD – Bitcoin breaks past $10k with ease, retests level weeks ahead of CME’s offering. Bitcoin surged to a fresh all-time high of $10.830, folding a x10 growth for the year, as institutional investors stepped in ahead of CME’s offering for Bitcoin Futures sometime in December. BTCUSD retested the psychological level forming a correction while price has been heading up since, as momentum remains bullish.

BTCUSD 1-HOUR CHART

  • GBPUSD – Pound hits a fresh 2-month high following reports around the Brexit Bill. Pound soared ~160 pips yesterday following reports that a UK-EU agreement on the divorce bill has been settled. In addition, hopes for a ‘softer’ Brexit raised as BoE announced that banks won’t need to cut lending in order to deal with Brexit. The pair is currently trading above $1.3380 while investors wait for Carney’s speech.
  • USDJPY – Dollar rises higher on 17-year high Consumer Confidence, Powell’s remarks on Balance Sheet. US Dollar versus Yen rate topped to the recent high of 111.656 reached on the 27th following an amazing CB Consumer Confidence print and Powell’s remarks regarding a shrinking Balance Sheet to around $2.5 trillion. The pair has corrected below 111.500 while market participants look forward for the GDP release.

USDJPY 1-HOUR CHART

  • USOIL – Oil slips marginally on an API Crude stocks build ahead of OPEC meeting. Crude Oil closed the session unchanged however it saw a depreciation from the daily high of $58 amid API’s report of Oil inventories. API reported a small build of 1.8 million barrels, while expectations were in for 3.15 million. With Oil prices growing nearly 20% since September it will be interesting to see the verdict on the production cut.
  • XAUUSD – Gold closes the session unchanged despite Dollar’s strength as N.K counterbalances. Spot Gold remain unchanged yesterday not having been impacted by Dollar’s strength as N. Korea missile test had a marginal impact on Gold’s price. Despite fears over the N.K – U.S as well as the Tax Cuts situation increase Gold held steady. This morning price is moving toward $1300 per ounce.
  • US Indexes – DJ and S&P 500 rose by 1.09% and 0.98%, respectively.
  • European Indexes – UK 100 surged by 1.04%, DE 30 appreciated by 0.46%.
  • Asian Indexes – ASX 200 improved by 0.48%, Hang Seng trades 0.10% lower.
  • US Equities – BoA surged by 3.95%, Alphabet fell by 0.81%

Original Source: FXPrimus News

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