What’s happening in today’s Financial Markets on May 12th, 2017? Follow the Market with FXPrimus!

May 12, 2017

Follow the market with FXPrimus!

What’s happening in today’s Financial Markets on May 12th, 2017? Follow the Market with FXPrimus!

This article is originally referred from FXPrimus News

Today’s Important Indicators

Yen’s strength yesterday could be suggesting the end of a cycle, and a reversal.

CPI and Retail Sales data are the main market movers for today to determine this reversal, however analysts expect CPI to remain unchanged.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
 13:30 pm  US  CPI m/m  0.3%  -0.3%
 13:30 pm  US  Retail Sales m/m  0.6%  -0.2%

Market Movers

  • British pound weaker owning to disappointing manufacturing data followed by BoE’s decision to cut 2017 economic growth. Carney urges policy makers to increase rates faster than anticipated as fears rise on wages growth weakness, consumer slowdown and tough times for UK households. GBPUSD tested support at 1.2860 following the news after ‘kissing’ $1.30 earlier this week for an 8-Month high.
  • EURUSD psychological support at 1.08600 holds despite a what it seems like a false attempt to break below. German prelim GDP q/q as expected triggering no opportunities to buy or sell.
  • USDJPY goes into a sideways mode during US session despite an attempt to break below 113.700 and despite positive US PPI and Unemployment Claims data.
  • USDCAD moved in a range yesterday after reaching a high of 1.37700 due to unchanged new housing prices after Moddy’s cuts ratings on six Canadian banks took the Loonie below 1.36500 on Wednesday.
  • The Aussie gains against the Dollar in Asian session being one of the best performers second to Yen, whereas NZDUSD finds temporary support at 0.68250 higher ahead than the week’s low after RBNZ discouraging data last Wednesday.
  • Crude Oil remains above 200 SMA in an effort to establish support around $48 on the back of Wednesday’s drop in inventories. Brent persists above $50/b, closer to $51 this morning.
  • Gold raises ~$11 intraday to end lower at ~1225 on Thursday’s close. Up a little approaching $1227/o this morning, not much further away to testing the 1228 resistance assuming a trendline breakout occurs. Fibonacci level 38.2% is close to 1229 signalling that Gold may find it harder to break the aforementioned resistance today, Friday.

XAU Technical Chart

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Original Source: FXPrimus News

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