02 May 2018 Daily Analysis
Dollar hits 2018 highs ahead FOMC meeting minutes.
Dollar index was traded higher against a trade-weighted basket of major currencies by 0.67% to 92.22 as of writing following weakness of its peers. Overnight, investors shrugged off the weaker ISM manufacturing index in U.S. that fell to a reading of 57.3 in April which has missed the economists’ forecast for a reading of 58.6 following optimistic sentiment towards tax reform which correlates to accelerated depreciation of machinery and equipment that could boast factory activity this year. In addition, Greenback was able to stand on its ground following a slump in Pound Sterling attributed to a fall of UK manufacturing activity in April to its 17-month lows, last recorded at $1.3615. Meanwhile, investors will be eyed-on FOMC meeting minutes due 2a.m. (GMT +8) on this Thursday to grasp further indication on its monetary policy.
In the commodities market, crude oil price pared its gains by 0.3% to $67.35 per barrel following concerns over United States that may re-impose sanctions on the major oil exporter Iran. Likewise, gold price recovered its losses by 0.33% yet remained at its low level around $1307.40 a troy ounce while market participants await further signals from FOMC meeting.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 (Thu) USD FOMC Statement
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 06:45 | NZD – Employment Change (QoQ) (Q1) | 0.5% | 0.4% | 0.6% |
| 06:45 | NZD – Unemployment Rate (Q1) | 4.5% | 4.5% | 4.4% |
| 09:45 | CNY – Caixin Manufacturing PMI (Apr) | 51.0 | 50.9 | 51.1 |
| 15:55 | EUR – German Manufacturing PMI (Apr) | 58.1 | 58.1 | – |
| 16:30 | GBP – Construction PMI (Apr) | 47.0 | 50.9 | – |
| 17:00 | EUR – GDP (QoQ) | 2.7% | 2.5% | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Apr) | 241K | 194K | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 2.170M | – | – |
| 22:30 | CrudeOIL – Gasoline Inventories | 0.840M | -0.625M | – |
| 02:00 | USD – Fed Interest Rate Decision | 1.75% | 1.75% | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded lower prior breaking support level at 1.3610. However, MACD that displays a golden-cross would suggest the pair to trade higher if breakout at the previous low is successful.
Resistance level: 1.3610, 1.3790
Support level: 1.3450, 1.3300
EURUSD
EURUSD, H1: EURUSD was traded lower after breaking support level at 1.2050. MACD that displays a golden-cross would suggest the pair to undergo short-term technical correction to trade higher before continuing its bearish bias.
Resistance level: 1.2050, 1.2100
Support level: 1.1940, 1.1870
USDJPY
USDJPY, H1: USDJPY was traded lower prior retracement from the ascending trend line. MACD that displays a death-cross would suggest the pair to trade lower towards the support level at 109.70.
Resistance level: 110.20, 110.90
Support level: 109.70, 109.40
CrudeOIL
CrudeOIL, H1: Crude oil price was traded higher after rebound from support level at 67.00. MACD that shows a golden-cross would suggest the commodity price to extend higher towards the resistance level at 67.50.
Resistance level: 67.50, 68.30
Support level: 67.00, 66.10
GOLD
GOLD_, H1: Gold price was traded lower after breaking support level at 1307.40 and the safe-haven asset price is currently retesting the previous low level. MACD that displays a golden-cross would suggest the commodity price to trade higher if breakout is successful.
Resistance level: 1307.40, 1315.70
Support level: 1297.70, 1288.20