What to expect today from the Financial Markets “USD, JPY, EUR, Gold and Oil”

August 8, 2017

Dollar Marginally Lower, Eyes on Inflation Data.

What to expect today from the Financial Markets “USD, JPY, EUR, Gold and Oil”

Today’s Important Indicators

On Tuesday, volatility will be limited as the economic indicators do not have a major effect on the markets, however, around the release of data coming from NAB, China and US, some opportunities could be expected.

NAB index is expected to fall 2 points while China’s Trade Balance is also expected to fall 2B. In US, analysts expect the Jobs Opening to decline from 5.67M to 5.66M.

Today’s Forecast for Important Trading Indicators

Market Movers

  • USDCAD – Dollar gains against Loonie, reaches a 3-Week high on the back of Friday’s NFP. Dollar raised against Canadian counterpart on U.S employment data while a pullback in Oil prices also supported the bullish move. USD/CAD topped at $1.274 amid oversupply worries after U.S Oil supply output appreciated to 2-Year high while the increased production from Libya added to the concerns.

USDCAD 4-HOUR CHART

  • USDJPY – Yen strengthens marginally on 30-Year Bond demand against Dollar, as bid-to-cover ratio improves. Dollar fell a few pips against Yen after remaining steady during Monday’s session amid bond liquidity and demand on the 30-Year JGBs that were auctioned. The pair currently trades above 110.5 while market participants wait for the JOLTS report to be released.
  • EURUSD – Euro moves marginally higher against USD as Bullard takes increased confidence on rate hike away. Euro raised 0.14% as Fed President James Bullard spoke about the possibilty of the rates to “likely remain the same” in the short term. In addition dollar was unsupported by recent geopolitical risks on North Korea and its misssile programme.
  • USOIL – Oil moves lower on overproduction concerns as OPEC output hits YTD high. The two fresh returns of Libya and Nigeria, pushed Oil prices lower while the output they provided for the month of July reached its highest this year despite the agreed cuts from last November, as capping has not yet deemed necessary. A confirmed increase in the July production numbers, which is due on Wednesday, 14:30 GMT, will mean compliance is slipping within the OPEC cartel.
  • XAU/USD – Gold rises, Fed’s official comments, newly geopolitical worries over N. Korea. Gold prices raised yesterday on a marginal level as Dollar lost momentum after US top Fed official comments related to another interest rate hike this year disappointed. Gold is currently trading higher as investors lost interest in the Greenback after Feds comments, just below $1260.

XAUUSD 1-HOUR CHART

  • US indexes closed with DJ 0.12% up and S&P 500 also 0.16% higher.
  • In Europe, UK 100 appreciated 0.27%, whereas DE 30 declined 0.33%.
  • In Asia, Hang Seng raised 0.37%, Nikkei declined 0.31% and ASX 200 fell 0.59%.
  • In stocks, Apple raised 1.55% while Facebook 1.39%.

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