See What’s happening in today’s Financial Markets! Important Indicators to follow the trend!

May 23, 2017

Here are today's market movers!

See What’s happening in today’s Financial Markets! Important Indicators to follow the trend!

This article is originally referred from FXPrimus News

Today’s Important Indicators

A relatively more volatile day than Monday today with respect to economic indicators and market moves. After a surprising bullish move on the Euro yesterday investors may again expect some action in the Eurozone, supported by German and UK inflation data releases.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
 09:30 am  EU  German IFO Business Climate  113.1  112.9
 10:00 am  UK  Inflation Report Hearing  –  –

FXPRIMUS Official Website

Market Movers

  • EURUSD struck a fresh 8-Month record high above $1.12600 on “too weak” Euro. Traders anticipated Chancellor Merkel’s comments on low Oil price and fainted Euro as a way to put pressure on ECB policy makers. The Dollar Index fell below 97.00 despite early gains on cooled off US drama. Eyes on Germany’s Q1 GDP estimate today, as traders can take advantage of the volatility.
  • GOLD extents its gains supported by Dollar and Yen weakness reaching last week’s high, re-entering the bullish trend. The prices rose due to the dent in the dollar in addition to the increasing demand for safe-haven gold over U.S political turmoil. XAUUSD closed Monday’s session above 1260.00, trading currently at 1262.73.

GOLD TECHNICAL CHART

  • GBPUSD sinks 0.51% on narrow polls, only to recharge just below $1.30. The pound saw a dip on polls differential narrowing to half, regained on May’s proposal on social care and USD weakness, closing the day slightly lower. Today’s inflationary data on the economic outlook of BoE may offer good opportunities to investors.
  • Dollar continues to slip against the Swiss Franc reaching below 0.9700 levels. The Dollar weakness led USDCHF to its lowest since the day after president Trump was elected, stopped at a Fibonacci level. The safe-haven Franc closed positive for an eight-consecutive session despite an attempt from the Dollar to re-bounce higher.

USDCHF TECHNICAL CHART

  • USDJPY in consolidation due to weak Yen data and geopolitical tension with North Korea. The Dollar was traded higher than the Yen on Monday morning, amid slow trade balance surplus. The pair remains around 111.200 finding temporary support at 110.960.
  • USDCAD reaches an almost monthly record low at 1.34820 backed on strong Oil. The Canadian dollar remains above the 1.35000 level on Monday’s close, despite push in lower territories. Currently trades below the strong support level.
  • Crude Oil consolidates above $50.00, a Fibonacci level, however it closed slightly higher on Monday’s session reaching a 4-week high supported by OPEC push at $51.08/b.

Asian Indices traded and closed higher on Monday’s session with Nikkei in consolidation.

FXPRIMUS Official Website

Original Source: FXPrimus News

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