25 October 2017 Daily Analysis
Greenback remained steady, Pound Sterling wobbled over future BOE rate hike.
Dollar index was traded higher against a basket of major currencies with a gain of 0.09% to 93.80 as of writing following a duo of better-than-expected economic reports. U.S. Manufacturing Purchasing Managers Index (PMI) rose to 54.5 versus the expected reading of 53.1 whereas U.S. Services Business Activity Index rose to 55.9 versus the expected reading of 55.6 in the month of October. The duo positive economic data boasted investors’ sentiment toward the Greenback, thus offset its earlier wobble amid speculation concerning the appointment of the next head of the Federal Reserve. Beforehand, a rumor was released that Taylor and Powell to be the front-runner for the chance to lead the Federal Reserve when Yellen’s term ends in February 2018. On the other hand, Pound Sterling slumped 0.48% to $1.3130 amid after Bank of England deputy Governor Jon Cunliffe mentioned that the first rate hike is still an “open question” which directly lowering investors’ expectation for BoE to raise interest rate next month.
In the commodity market, crude oil price shed 0.10% to $52.42 per barrel following a report by American Petroleum Institute (API) that shown crude oil inventories in the U.S. rose by 519,000 barrels last week. Likewise, gold price reduced by 0.08% to $1275.40 a troy ounce following Greenback’s recovery from its previous low.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
22:00 CAD BoC Rate Statement
23:15 CAD BoC Gov Poloz Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 08:30 | AUD – CPI (QoQ) (Q3) | 0.2% | 0.8% | 0.6% |
| 16:00 | EUR – German Ifo Business Climate Index (Oct) | 115.2 | 115.2 | – |
| 16:30 | GBP – GDP (QoQ) (Q3) | 0.3% | 0.3% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.5% | 0.5% | – |
| 22:00 | USD – New Home Sales (Sep) | -3.4% | -0.9% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 1.00% | 1.00% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -5.731M | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded lower after breaking support level at 1.3140. Successful closure of candlestick suggest the pair to continue its momentum to extend losses toward the next support level at 1.3060.
Resistance level: 1.3140, 1.3220
Support level: 1.3060, 1.3020
EURUSD
EURUSD, H1: EURUSD was traded lower prior retracement from resistance level at 1.1785. Formation of dark cloud cover candlestick pattern suggests the pair to trade lower in short-term but with lesser momentum due to absence of obvious signal from MACD histogram.
Resistance level: 1.1785, 1.1825
Support level: 1.1735, 1.1680
USDJPY
USDJPY, H1: USDJPY was traded lower prior retracement from resistance level at 113.95. Formation of pin bar candlestick and death-cross by MACD signal line suggests the pair to trade lower in short term toward support level at 113.55.
Resistance level: 113.95, 114.30
Support level: 113.55, 113.15
CrudeOIL
CrudeOIL, H1: Crude oil price was traded lower prior retracement from resistance level at 52.55. Downward slope of MACD histogram suggests crude oil price to extend losses in short-term toward the support level at 52.20.
Resistance level: 52.55, 53.70
Support level: 52.20, 51.65
GOLD
GOLD_, H1: Gold price was traded lower prior retracement from resistance level at 1279.55. Formation of dark cloud cover candlestick pattern and bearish candlestick arrangement suggest gold price on bias to extend losses toward the support level at 1273.95.
Resistance level: 1279.55, 1283.40
Support level: 1273.95, 1268.55