Top 5 Things to Know Before You Start Trading
This Tuesday the market sees a higher JPY while the USD still struggles. Oil and gold are higher.
1 – USD Still Struggling
The US dollar (USD) decline slowed yesterday but the overall picture for the US currency didn’t improve. Today’s eco data will probably only be of intraday significance. Elsewhere, Greece is returning to the primary bond market for the first time since 2014. Even so, disappointing US data might still push EUR/USD closer to the key 1.1714/35 resistance level as markets look forward to the Federal Open Market Committee (FOMC) policy decision.
2 – JPY Trumps USD
The USD slipped 0.15 % to 110.970 yen, with the Japanese yen (JPY) at its strongest in roughly five weeks. The Japanese currency stood in proximity of a 17-month low against the Euro (EUR) and a 19-month trough versus the Australian dollar (AUD). The AUD traded at $0.7923 after being pushed down from a 26-month high of $0.7992 reached on Friday.
3 – Brent Oil Gains
Brent oil extended its gains to around $48.90 a barrel as Saudi Arabia promised deep cuts to crude exports next month to ease the global glut. In addition, some signals are emerging that US shale producers are tapping the brakes on drilling.
4 – Asian Stock Markets Mixed
Asian stock markets traded mixed overnight and close to opening levels, in line with U.S. even if the Nasdaq reached a new closing high.
5 – Gold at 1-Month High
Gold prices rose to their highest level in around a month yesterday at $1,258.60 an ounce. Prices of the yellow metal logged a gain of more than 2% last week, as ongoing political turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.