Today’s Focus on US Data & US Dollar – North Korea threats and tensions continue…

August 11, 2017

Yen hits fresh low against dollar. Investors' focus around US data and the US Dollar.

Today’s Focus on US Data & US Dollar – North Korea threats and tensions continue…

FXPrimus has summarized the important market indicators of the day here.

Today’s Important Indicators

The roundup of the week will be focused around US data and the US Dollar.

Friday will produce volatility with BLS’s monthly CPI and Core CPI releases, where both of those are forecasted to increase to 0.2%.

It will continue with Kaplan’s speech about economic conditions and monetary policy and close off with Kashkari’s speech at the Independent Community Bankers of Minnesota’s Annual Convention.

Big Gainers and Big Lowers

Today’s Forecast for Important Trading Indicators

Market Movers

  • USDJPY – Dollar moves to 8-Week low against Yen on intensified U.S, N.K tensions, disappointing U.S data. Dollar declined near 100 pips since yesterday, supported by inflation and jobs data from the U.S, which came out weaker than expected. The pair continued falling despite Dudley’s remarks on another rate hike this year as N. Korea seemed to have ignored Trump’s “fire and fury” warning. USD/JPY currently trades below 109.00 while investors expect today’s inflation report to decipher their next bet.
  • USDCAD – Dollar loses gains against CAD temporarily, retreats on Crude Oil slump. The pair retraced to 1.267, down 60 pips in an hour, influenced by Crude Oil and poor U.S data. Dollar moved higher against the Canadian counterpart after hitting a dynamic support at the hourly 100 SMA, where the 61.8% Fibo extension lays. Dollar gained back the losses within a few hours and currently collects more pips against Cad after reaching the next Fibo level at 1.275.

USDCAD 1-HOUR CHART

  • GBPUSD – Pound extends losses against Dollar as Trade Balance data disappoints. Dollar lost 0.26% since yesterday on the back on a wider Trade deficit to a 9-Month high. Manufacturing Production remained unchanged compared to expectations but still weaker than last month. The pair has been in a tight consolidation over the past days and a break of which could be expected to occur within a week or two. Net support is expected to be around 1.295, a break of which could take the pair to 1.292 next.

  • USOIL – Oil struggles to move above the psychological $50 level, plummets almost $2. Crude Oil moved higher and reached the $50 per barrel price momentarily after having the 200 DMA pierced, but then fell $2 as OPEC output for the month of July expanded, while Crude futures to be delivered in September declined 2%. Investors seem downhearted with OPEC’s effort to stem the Oil glut. WTI could break in back within the bearish channel, a move that could determine short-term sentiment.
  • XAU/USD – Gold reaches a fresh high on increased safe-haven demand, looking towards 1296. Gold hit a new high of 1289 as geopolitical concerns and fears over war, raised. The precious metal has been investor’s favourite in times of uncertainty and as long as the political arena between U.S and N. Korea remains intensified, Gold prices are expected to increase.
  • US indexes closed lower, with DJ -0.93% and S&P 500 -1.15%.
  • In Europe, UK 100 depreciated 1.44%, whereas DE 30 saw a decline of 1.15%.
  • In Asia, Hang Seng plummeted 1.91%, ASX 200 weakened 0.22%.
  • In stocks, Apple declined 3.19% while Amazon fell 1.34% and Nikkei remained almost unchanged at -0.05%.

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