Market Analysis: Busy closing of the week with NZ Election, Data Release and Speeches

September 22, 2017

Euro Higher on Draghi’s Remarks, Firm Ahead Of German Elections.

Market Analysis: Busy closing of the week with NZ Election, Data Release and Speeches

This article is originally referred from FXPrimus

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

A busy closing for the weekly session with Eurozone and Canadian data, Draghi, May and NZ elections all in the spotlight.

Today is expected to be very volatile amid the New Zealand’s 52nd Parliamentary Elections.

The session will start with Euro Flash PMIs at 07:00 GMT and will be followed by Draghi’s speech at Trinity College, in Dublin at 08:00.

Statistics Canada will release their CPI and Core Retail Sales at 12:30 GMT as well as other minor reports, while May is expected to speak about Britain’s post-Brexit relationship.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSDEuro recovers some losses on Draghi’s remarks, moves above $1.196. Euro settled above $1.1900 after president Draghi said that financial risks have now decreased. The ECB figure is also expected to talk today at Trinity College, in Dublin, while the Flash PMI numbers come out. Euro-Dollar currently trades in a range between 1.2092 and 1.1825, maintaining its bullish stance, while investors wait on Draghis speech at 08:00.

EURUSD 4-HOUR CHART

  • GBPUSDSterling breaks above $1.35 on positive UK data, weak US Dollar. The British Pound surged and currently trades towards 1.3600 against the Dollar after a better than expected Public Sector Net Borrowing report was released yesterday. The rally took GBPUSD 100 pips higher, nearing the pre-Carney level at 1.3588 while investors eye the next resistance at 1.36150.
  • USDJPYDollar plummets against Yen as North Korea prepares for another H-Bomb test. Dollar moved 61.80% lower at 111.71 since its latest pick at 112.70 as North Korea said N.K. H-Bomb test is ready for another test, and it could occur any moment. The retracement started as a means on taking profits ahead of the closing of the week, however it was supported by the N.K. development later in the session.

USDJPY 1-HOUR CHART

  • USOILCrude maintains bullish tone above $50, in consolidation, despite glut from hurricanes. Crude Oil moved in a range between $50.17/b and $50.82/b on a mixed trading session. Hurricanes Irma and Maria damaged storage terminals in the Caribbean and a re-routing of the fuel to the already Gulf Coast will add to the supply glut.
  • XAUUSDGold slumped for another session despite N.K. crisis, breaks below the 38.20% retracement. Gold declined to a fresh low of $1288.00 on Dollar’s rally after the Fed announced balance sheet normalisation will start next month. Gold moved lower on mixed trade despite Dollar weakness yesterday, however it managed to recover some of the losses as it retested the $1299 level.
  • In US Indexes, S&P 500 closed 0.30% lower while DJ fell 0.24%.
  • In Europe, UK 100 declined 0.11% while DE 30 appreciated 0.25%.
  • In Asia, ASX 200 raised 0.40%, Nikkei slumped 0.25% and Hang Seng plummeted 0.85%.
  • In stocks, Apple depreciated 1.72% for a consecutive session while Tesla upsurged 1.99%.

Original Source: FXPrimus

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