Markets awaiting for speeches by President Draghi, Gov Poloz and Fed Chair Yellen today

November 7, 2017

Draghi, Yellen, Poloz to Determine Market Sentiment.

Markets awaiting for speeches by President Draghi, Gov Poloz and Fed Chair Yellen today

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

With Dollar failing to break the recent 3-Month high against Yen, Euro closing almost unchanged and the increase in safe-haven demand amid the political drama surrounding anti-corruption in Saudi Arabia, the week continues interestingly.

Earlier in the session, RBA decided to hold rates steady taking Aussie ~30 pips down, while the spike in Oil took the commodity to a 2-Year high.

Today, market participants are likely to shift their focus to risk-on assets as President Draghi, Gov Poloz and Fed Chair Yellen will speak at different events.

Today’s Forecast for Important Trading Indicators

Market Movers

  • GBPUSDSterling rises on recent Brexit developments, looking towards $1.32. The British Pound posted gains for a second consecutive session after last week’s sharp drop around the widely anticipated rate hike. Encouraging remarks which are expected ahead of Thursday’s Brexit negotiations, shifted investor sentiment; supporting GBPUSD raising to $1.3170.

GBPUSD 1-HOUR CHART

  • EURUSDEuro ends session unchanged amid mixed European data. EURUSD closed yesterday’s session nearly unchanged following an array of data from Eurozone, including the Eurogroup meeting. The pair traded in a range of ~40 pips below the $1.16 level while investors expect ECB President Draghi’s speech; released at 09:00 GMT.
  • USDJPYDollar struggles to maintain last week’s momentum, declines on political uncertainty. Dollar fell to $133.70 after reaching a 3-Month high during Monday’s session at $114.75. The pair reacted to Dudley’s announcement to retire mid 2018 as speculations on probable replacement may impact the economy’s monetary policy path. Yen is currently trading higher, breaking above the 114 level.
  • USOILWTI breaks top ascending trendline amid a spike in political uncertainty. Crude Oil reached a fresh high at $57.72 breaking above the ascending channel; started on August 31st. Price moved higher after Saudi Arabia King bin Salman led an anti-corruption crackdown to consolidate his power.

WTI 1-HOUR CHART

  • XAUUSDGold raises on safe-haven demand as political uncertainty increases. Spot Gold appreciated some $14 by day end, but still remains within the daily range between 1263 and 1280. The earlier spike in Oil prices due to a Saudi corruption increased demand for risk-off assets, leading Gold to a rejection at the 200 4HMA. Investors patiently wait for Yellen’s speech at 19:30.
  • In US Indexes, S&P 500 rose by 0.13% and S&P 500 closed marginally higher (+0.04%).
  • In Europe, UK 100 is trading 0.03% higher and DE 30 0.07% lower.
  • In Asia, ASX 200 appreciated by 1.00%, Nikkei upsurged by 1.73% and Hang Seng by 1.26%.
  • In stocks, Twitter declined 2.56% while Apple rose for 1.01%.

Original Source: FXPrimus News

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