Today’s Important Indicators & main Market Movers to focus on – Aug 23rd

August 23, 2017

Remarks by ECB’s Draghi, speech by FOMC’s Kaplan and more today!

Today’s Important Indicators & main Market Movers to focus on – Aug 23rd

FXPrimus’s summary of today’s important indicators.

Today’s Important Indicators

On today’s session, volatility is expected to be high on Euro related pairs as ECB’s Draghi is to deliver opening remarks at the 6th Lindau Meeting on Economic Sciences in Germany, at 07:00 GMT.

The Euro zone will release data on Manufacturing and Service sector activity, while later at 13:05 GMT, FOMC’s Kaplan will speak at the Permian Basin Petroleum Association Membership Luncheon, in Midland.

US based economic events will continue with the New Home Sales at 14:00 GMT and the weekly Crude Inventories report 30 minutes later.

Today’s Forecast for Important Trading Indicators

Market Movers

  • USDCAD – Loonie hits a 3-Week high against Dollar, rebounds to 1.2600. The greenback erased around 60 pips on the release of Core Retail Sales yesterday, as figures came out much better than expected. Despite the pair reaching a fresh low, the reaction of the bulls was swift and few hours later the pair retraced to higher levels; recent high. Price is currently a few pips away from the 1.2600 level, a break of which could take USD/CAD to 1.2639, where the 38.2% Fibo is.

USDCAD 4-HOUR CHART

  • EURUSDEuro declines around 80 pips ahead of Draghi speech and Jackson Hole Conference. Dollar gained against the board of currencies despite ongoing worries over a 3rd hike this year and the tensions in the Karen peninsula. The pair lost 0.47% and currently trades at 1.1760 in a small range of 16 pips between that and 1.1744. Today, investors eye Euro zone PMI and Draghi’s Speech at the Lindau Meeting on Economic Sciences, in Germany.
  • USDJPY – Dollar moves higher against Yen as investors switch focus away from recent geopolitical tensions. Yen fell almost 100 pips during yesterday’s session as investors shifted their attention from N. Korea on the back of Draghi and Yellen speeches on Thursday, at the Jackson Hole Summit. The greenback erased Monday’s losses, where a double bottom on the hourly chart indicated a possible upmove.

USDJPY 1-HOUR CHART

  • USOIL – Strong Oil inventory draw takes Oil price higher, gas inventories erase gains. Crude Oil moved higher yesterday on API’s report as a major draw of 3.595m barrels was seen in Oil stocks. The gains were short-lived, as Gasoline inventories saw a major increase to 1.402M barrels, taking Oil price lower. EIA’s report will be released at 14:30 GMT today, a report commodity traders have been waiting for.
  • XAUUSD – Gold depreciates $5 moving away from $1.300, as safe-haven demand softens. Gold price moved lower for another session after last Friday’s failed attempt to break above $1.300. Gold erased recent gains as geopolitical tensions cool-off and also due to trump’s strategy on Afghanistan. Gold is still to be watched as clues at the Jackson Hole Summit may be given about a 3rd hike in US.
  • On US Indexes, DJ and S&P 500 raised 0.90% and 0.99% respectively.
  • In Europe, UK 100 appreciated 0.86% while DE 30 jumped 1.35%.
  • In Asia, Hang Seng was unchanged, ASX 200 declined 0.26% and Nikkei increased 0.19%.
  • In stocks, Twitter climbed 3.23% and Alphabet followed with a rise of 2.12%.

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