Today’s Important Indicators & Main Market Movers to focus on – Aug 24th

August 24, 2017

While USD softening, investors' attention on Yellen’s and Draghi’s speeches.

Today’s Important Indicators & Main Market Movers to focus on – Aug 24th

This article is originally referred from FXPrimus News

FXPrimus has summarized the Important Indicators of the day.

Today’s Important Indicators

Dollar weakened as a result of Trump’s comments to close down the government, investors keep an eye on the annual meeting of top central bankers and economists hosted by Fed; particularly Yellen’s and Draghi’s speeches.

UK will publish its second estimate Q2 GDP at 08:30 GMT while U.S, its latest weekly Jobless Claims figure. Closer to the end of the session, Japan’s Statistics Bureau will release July’s inflation data.

Today’s Forecast for Important Trading Indicators

MarketMovers

  • EURUSDEuro gains against Dollar on Trump’s threat, holds above 1.18 ahead of Draghi. Euro gained some momentum yesterday backed on Euro Zone data, and this was later supported by Trump’s threat to shut the government down to build a wall between Mexico and US. Euro apppeciated a total of 80 pips and still remains above the 1.18 level while an ascending triangle seems to be formed. US data and the Jackson Hole Conference are expected to create high levels of volatility today.

EURUSD 1-HOUR CHART

  • USDJPYDollar-Yen recovers some of yesterday’s losses, as risk appetite supports the US counterpart. Dollar fell near 100 pips during yesterday’s session on political jitters created by US President, reaching the 108.80 level. Unable to push lower the pair recovered some ground this morning and currently trades around 109.10. Caution still remains on new remarks and comments while investors turn their attention to the J.H meeting, and later tonight, inflation data from Japan.
  • GBPUSDPound declines to 6-Week lows on new selling pressure amid lack of confidence in Brexit process. Sterling moved below 1.28 levels yesterday and currently trades at 1.2787. Pound-Dollar pair had no significant economic developments or news to support the move, signalling confidence in the British Pound remains fragile, while Euro-Pound hit a 10-Month high at 0.9235. Market participants shift their focus to the 2nd Estimate GDP, released today at 08:30 GMT.
  • USOILStrong EIA report helps Oil price move higher, following API report figures. Crude Oil inventories depreciated to 3.3 million barrels for the week ending August 18th, while expectations were exactly that. With this report Crude inventories are down 6.0% year on year which could help underpin sentiment. Oil currently trades just below the 23.6% Fibonacci Retracement at $48.40.

  • XAU/USDSelling pressure subsided on Gold on Dollar’s inability to strengthen further; Gold higher. Gold traded in a narrow range despite weaker Dollar, as demand for safe haven still remains neutral ahead of J.H. Yesterday, the precious Gold has moved higher during the day on Trump’s comments about a possible government shutdown, however, lost some momentum during the early Asian session, along with Yen.
  • On US Indexes, DJ and S&P 500 declined 0.40% and 0.35% respectively.
  • In Europe, DE 30 declined 0.45% while UK 100 remained unchanged.
  • In Asia, Hang Send raised 0.53%, Nikkei fell 0.39% and ASX 200 moved marginally higher, 0.07%.
  • In stocks, Tesla appreciated 3.35% with twitter seeing a rise of 1.98%.

Original Source: FXPrimus News

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