13 September 2017 Daily Analysis
Pound Sterling Soared Up Higher, Greenback Remained Capped.
GBP/USD reached at its one-year high of 1.3279 after increasing up to 0.89%. According to the statement from the Office for National Statistics, consumer prices posted a better than economists’ outlook with an increase of 2.9% versus 2.8%. The main catalyst for the positive data was rising costs for clothing and travel, with an average clothing prices surging by 2.4% in August since last year. On the other hand, wages growth in United Kingdom achieved an increase of 2.1% per annum. The report releases before Bank of England’s (BoE) monetary policy meeting, in which interest rates are expected to maintain at its current record lows. There was also a statement by BoE with its expectation for UK inflation to achieve 3.0% by October, taking into account the massive drop in Pound Sterling since Brexit vote held in the month of June. In addition, dollar index decreased by 0.03% against a basket of major currencies to 91.89. It remain unchanged due to strong labor demand data showing job openings in July reaching to 6.2m as compared to expectations of 5.96m. However, gains in Greenback remained capped as Pound Sterling soared to a 12-month high as contributed by bullish inflation data.
For the commodity market, crude oil prices ended up higher at $48.23 per barrel with a rose of 16 cents as OPEC held a positive outlook toward boosting demand for oil market in the second half of year, thereby denting excess supplies. Otherwise, gold prices fell by 0.26% to $1330.15 per troy ounce as safe-haven demand fades following an easing of political tension between United States and North Korea.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
14:30 CrudeOIL IEA Monthly Report
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German CPI (MoM) (Aug) | 0.1% | 0.1% | – |
| 16:30 | GBP – Average Earnings Index + Bonus (Jul) | 2.1% | 2.3% | – |
| 16:30 | GBP – Claimant Count Change (Aug) | -4.2K | 0.6K | – |
| 17:00 | EUR – Industrial Production (MoM) (Jul) | -0.6% | 0.1% | – |
| 20:30 | USD – PPI (MoM) (Aug) | -0.1% | 0.3% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 4.580M | – | – |
EURUSD
EURUSD, H4: EURUSD was traded higher following its rebound from support level at 1.1920. Formation of rising sun candlestick pattern and upward slope of MACD histogram suggests EURUSD to continue its momentum to trade higher, testing resistance level at 1.2070.
Resistance level: 1.2070, 1.2270
Support level: 1.1920, 1.1830
GBPUSD
GBPUSD, H4: GBPUSD was traded higher following its rebound from support level at 1.3160. Upward slope of MACD signal line suggests the pair to trade higher toward the next resistance level at 1.3390.
Resistance level: 1.3390, 1.3720
Support level: 1.3160, 1.3060
USDJPY
USDJPY, H4: USDJPY was traded higher prior breaking resistance level at 110.10. Downward slope of MACD histogram suggests the pair to undergo technical correction to trade lower toward the support level at 110.10 before continuing its bullish momentum.
Resistance level: 110.95, 111.75
Support level: 110.10, 109.05
CrudeOIL
Crude OIL, H1: Crude oil price was traded lower after retracing from resistance level at 48.40. Cross-over of MACD signal line suggests crude oil price to reduce further, testing the support level at 48.00.
Resistance level: 48.40, 49.35
Support level: 48.00, 47.25
GOLD
GOLD_, H4: Gold price was traded higher after breaking resistance level at 1328.20. Upward slope of MACD histogram suggests gold price to extend its gain toward the next resistance level at 1339.55.
Resistance level: 1339.55, 1357.40
Support level: 1328.20, 1321.35