New US Auto Tariffs knocks the Greenbacks socks off!

The downbeat outlook from the Federal Reserve’s last policy meeting. Coupled with the latest threat to auto tariffs from the U.S President, Trump dampened investors sentiment. The USD experienced a minor selloff bout. The US Dollar index had lost 0.22% trending in a range of 93.79 – 93.98 by 07:34 GMT.

Asian stocks slumped as USD retreats. EU markets had a bumpy morning. However, with earnings season ongoing, it is likely to the EU shares will be bolstered by US stocks cropping up

Ahead of US April, Existing Home Sales report, GBP’s Retail Sales and several speeches from ECB members, The GBP, EUR, and JPY are Bullish with upside seen to limited The EUR coming off Six-month lows vs the USD

GBP/USD was ranging in 1.3341 – 1.3380 with a 0.11% rise

EUR/USD was oscillating between 1.1691 – 1.1733 a 0.24% increase from previous close.

Oil was a downward trajectory following Wednesday’s revelation by the Energy Information Administration (EIA)of a buildup of over 5million barrel for Crude oil inventories. WTI Crude Oil was down 0.32% at 07:40 GMT ranging between 71.50 – 71.98

Gold, Silver, Copper where gainers to the upside in a classic case of inverse correlation to the USD. Market participants found their recent low price inductive enough to warrant demand.

Cryptocurrencies: With most of GCC Gulf Cooperation Council countries commemorating Ramadan nearly 30% of Crypto enthusiast are at bay given the impression of a sell of for the crypto arena which is receiving some popularity due to the blockchain infrastructural technology.

 

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USD rocks the boat

The USD remained broadly high vs other major currencies and commodities. The Dollar Index (DXY), was up 0.12% to 93.62 and ranging between 93.51 – 93.98 amid anticipation for the Fed minutes set for Thursday, as well as any developments with the Sino-US Trade Talks which could rock the boat in either direction.

EUR. GBP, AUD, were among the currencies caught in the Downward Spiral. All Commodities except for Gold were shorting/selling.

With Asian shares falling, likely patterns are expected with the EU shares earlier gains made by the Germany 30 DAX30, France’s CAC 40, and UK’s FTSE may all turn bearish.

 

Cryptocurrencies lost their luster Tuesday night despite encouraging developments on the blockchain

 

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Oil takes charge…

Oil prices are on a rising streak. WTI Crude Oil was up +0.51% at 72.72 by 07:36 GMT and ranging between 72.47 – 72.72. Further upside is expected due supply disruptions from Venezuela and Iran brought on by U.S Sanctions.

The USD itself has been relatively strong vs the EUR, GBP, JPY & AUD. To name a few, however with the U.S Treasury Yields, losing grounds the USD may be oscillating in and out of gains perhaps giving up some of its previous gains.

Gold prices also receded giving way to a strong USD.

Asian markets gave up gains hitting EU with a mixed syndrome. Where Germany 30 (DAX30) was seen with a +0.08% increase and ranging between 13,069.26 – 13,144.28.

UK’s FTSE 100 was 0.16% up ranging between 7,855.75 – 7,884.50.

France’s CAC40, on the other hand, was down 0.06% traversing up and down between 5,632.43 – 5,644.66

Cryptocurrencies’ pullback from Monday’s surge. As US and Canadian SEC Securities’ Exchanged commission launch operation “Cryptosweep” The latest crackdown on suspicious crypto investment products is reportedly the largest such coordinated investigation by state and provincial officials.

Ahead of today’s US American Petroleum Institute’s (API) ‘s weekly oil stock report volatility is expected with possible upside seen for the Commodities and other majors

 

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Guess who is Driving the Market ?

A new week begins, with the USD back in the driver’s seat surging to 4-months highs. The US. Stocks rose with commodities shrinking together, with a basket of other majors, except for WTI Crude Oil.

The Upward momentum in the USD was propelled by U.S. Treasury Secretary Steven Mnuchin, who stated that the U.S.- China Trade war had been put on pause mode, details remain obscured. Naturally, this stroke investors sentiment to reconsider the riskier assists.

XAU/USD was down -0.80% by 07:50 GMT ranging between 1,282.16 – 1,293.14 losing its safe haven support.

EUR/USD slid -0.024% trending in between 1.1717 – 1.1776

GBP/USD was also down trotting, shedding 0.36% and range bound in 1.3396 – 1.3483

WTI Oil on the hand was up +0.42% oscillating between 71.44 – 71.97, ahead of the OPEC’s meeting set for today.  The OPEC meetings are attended by representatives from 13 oil-rich nations. They discuss a range of topics regarding energy markets and agree on how much oil they will produce. OPEC is responsible for nearly 40% of the world’s oil supply. Their meeting could give further insights to the direction of Oil.

The pair of USD/JPY tacked on gains of nearly 0.51% to 111.33 and ranging 110.82 – 111.40.

Cryptocurrencies were also in the limelight early Monday, as reports of currency crisis hit some middle eastern countries investors opt to the crypt’s, which recently accounts for the some of the growth in total market capitalization.

An interesting day in the market with the calendar light on events.

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Weekend Profit-Taking & jingles

As investors gear up for the weekend, following a busy trading week, Market participants are set on profit-taking, which seems to have been amongst the catalyst for the market’s trajectory.
USD’ remains overly strong driven by U.S Treasury Yield, however as they swing in and out of gains, any assumed weakness could cause the USD to be challenged by other major currencies defiantly staging comebacks, as Day-Traders take advantage of the low rates.
EUR/USD was up 0.16% in a range of 1.1789 – 1.1822 by 07:35 GMT, however, uptrends are seen as limited with the ongoing Italian saga weighing.
GBP/USD is pressured down -0.05% ranging between, 1.3503 – 1.3528 at 0.7:40GMT.
The USD’s consolidation to power could be seen in the incline of USD/JPY where it was 0.08% high at the time of print 07:40 GMT in a closely ranging in 110.08 – 111.00.
Metal commodities, Like gold, Silver, and copper were in a Bearish, downward trend.
However, Aluminium and Nickel maintain their Bullish stance.
Oil receded slightly ahead of today’s Baker Hughes Rig count which could reveal a surge of another 5- 10 new rigs from last week’s 844 count. With the impending Iranian and Venezuela sanction, some investors see this as support for Oil prices. Saudi’s cry for too much oil in the market did not move oil Bulls sentiment that much trending between 71.52 – 71.69.
Asian shares were flat to bullish and the Market monitored developments between the US-China trade dialogue. While EU Shares remains mixed attempting to surge on the back of Oil’s rise.
 Germany’s DAX30 could be seen oscillating between 13,086.62 – 13,129.68.
 France’s CAC 40 ranging between 5,542.8 – 5,554.5, while
U.K.’s FTSE 100 trod a path of 7,768.46 – 7,784.79. the come denominator among them was they were all on a downward trend occasionally swinging into gains by the time of writing 07:45 GMT. perhaps commodity prices may give them boost to the upside.
Cryptocurrencies recced as investors remained caution taking profits after every short-term upward streak. While governments and counties gear up to adopt Cryptocurrencies or platforms for Bitcoin trading the new may pick up winds over the weekend or on Monday.

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The Push & Pull between EUR/USD

The EUR remains volatile today, its attempts to crawl up from 5-months lows is undermined by ongoing Italian sell-off amid ongoing EU talks in Sofia Bulgaria in search of solutions for the imposed the US- Trade tariffs. EUR/USD was seen ranging tightly between 1.1793 – 1.1837.
The USD continues its Bullish trend as yields resurge. Head of today’s Initial Jobless Claims forecasted to be around 215,000 a reading higher then this may cause the USD to lost steam momentarily.
Meanwhile: Asian shares rose, given hope to the European shares which gained more momentum from the recovery of Italian stocks U.K’s FTSE surged +0.02% in a range of 7,713.25 – 7,748.22 by 09:30 GMT.
Crude Oil, WTI was up 0.76% trending between 71.48 – 72.17 as the Energy Information Administration Wednesday revealed a draw of nearly 1.5M barrels versus the forecasted 0.763M. Other commodities like Silver, copper remain bullish. Gold on the other hand swings between gains and losses 1,286.40 – 1,293.70 as investors remain on alert for risk on risk off assets.
Cryptocurrencies are Hawkish with Twister’s CEO Jack Dorsey reaffirming hopes for the Cryptos, news of Goldman Sachs launch into the Bitcoin Market boost investors confidence.

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