Sample Category Title
Euro Trading A Tad Higher In The Asian Session
For the 24 hours to 23:00 GMT, the EUR rose 0.10% against the USD and closed at 1.1612.
In the US, data revealed that mortgage applications slid 3.0% on a weekly basis in the week ended 03 August 2018, notching a 19-month low level and following a drop of 2.6% in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.1617, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1584, and a fall through could take it to the next support level of 1.1551. The pair is expected to find its first resistance at 1.1639, and a rise through could take it to the next resistance level of 1.1661.
With no major macroeconomic releases in the Euro-zone today, investors would focus on the US initial jobless claims followed by the producer price index for July, set to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Sterling Trading Slightly Higher In The Asian Session
For the 24 hours to 23:00 GMT, the GBP declined 0.46% against the USD and closed at 1.2883, amid lingering fears over no-deal Brexit.
In the Asian session, at GMT0300, the pair is trading at 1.2885, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2838, and a fall through could take it to the next support level of 1.2791. The pair is expected to find its first resistance at 1.2946, and a rise through could take it to the next resistance level of 1.3007.
With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
Japan’s Machinery Orders Declined Sharply At Its Fastest Pace In Six Months In June
For the 24 hours to 23:00 GMT, the USD declined 0.42% against the JPY and closed at 110.90.
In the Asian session, at GMT0300, the pair is trading at 110.79, with the USD trading 0.10% lower against the JPY from yesterday's close.
Overnight data showed that Japan's machinery orders plunged 8.8% on a monthly basis in June, more than market expectations for a decline of 1.0% and hitting its largest fall since December 2017. In the previous month, machinery orders had dropped 3.7%. Meanwhile, the nation's housing loans advanced 2.7% on yearly basis in Q2 2018, after registering a similar rise in the prior quarter.
The pair is expected to find support at 110.54, and a fall through could take it to the next support level of 110.28. The pair is expected to find its first resistance at 111.22, and a rise through could take it to the next resistance level of 111.64.
Moving ahead, traders would await Japan's gross domestic product (GDP) data for Q2, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Swiss Franc Trading A Tad Higher In The Morning Session
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CHF and closed at 0.9930.
In the Asian session, at GMT0300, the pair is trading at 0.9926, with the USD trading marginally lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9908, and a fall through could take it to the next support level of 0.9891. The pair is expected to find its first resistance at 0.9957, and a rise through could take it to the next resistance level of 0.9989.
Going forward, investors will closely monitor Switzerland’s unemployment rate for July, slated to release in a while.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Canada’s Building Permits Retreated In June
For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CAD and closed at 1.3018.
Data showed that, Canada's building permits retreated 2.3% on monthly basis in June, amid weakness in the residential sector and more than market expectations for a fall of 0.1%. In the prior month, building permits had climbed by a revised 4.8%.
In the Asian session, at GMT0300, the pair is trading at 1.3007, with the USD trading 0.08% lower against the CAD from yesterday's close.
The pair is expected to find support at 1.2969, and a fall through could take it to the next support level of 1.2930. The pair is expected to find its first resistance at 1.3083, and a rise through could take it to the next resistance level of 1.3158.
Trading trend in the Loonie today is expected to be determined by the release of Canada's housing starts for July followed by the new housing price index for June, scheduled to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Aussie Trading On A Stronger Footing This Morning
For the 24 hours to 23:00 GMT, the AUD rose 0.15% against the USD and closed at 0.7431.
LME Copper prices declined 0.3% or $19.0/MT to $6113.0/MT. Aluminium prices remain unchanged at $2022.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7447, with the AUD trading 0.22% higher against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) climbed 2.1% on an annual basis in July, more than market expectations for an advance of 2.0%. The index had registered a rise of 1.9% in the previous month. Moreover, the nation’s producer price index (PPI) rose 4.6% on an annual basis in July, higher than market expectations for a gain of 4.5%. The index had increased 4.7% in the previous month.
The pair is expected to find support at 0.7402, and a fall through could take it to the next support level of 0.7358. The pair is expected to find its first resistance at 0.7472, and a rise through could take it to the next resistance level of 0.7498.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Extends Its Gains In The Asian Session
For the 24 hours to 23:00 GMT, Gold rose 0.15% against the USD and closed at USD1221.30 per ounce, amid weakness in US dollar.
In the Asian session, at GMT0300, the pair is trading at 1222.40, with gold trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 1216.07, and a fall through could take it to the next support level of 1209.73. The pair is expected to find its first resistance at 1226.27, and a rise through could take it to the next resistance level of 1230.13.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
Silver: White Metal Trading On A Stronger Footing In The Morning Session
For the 24 hours to 23:00 GMT, Silver rose 0.26% against the USD and closed at USD15.43 per ounce, tracking gains in gold prices.
In the Asian session, at GMT0300, the pair is trading at 15.46, with silver trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 15.34, and a fall through could take it to the next support level of 15.22. The pair is expected to find its first resistance at 15.53, and a rise through could take it to the next resistance level of 15.6.
The white metal is trading above its 20 Hr and 50 Hr moving averages.
Crude Oil: Oil Reverses Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, Crude Oil declined 3.48% against the USD and closed at USD66.75 per barrel, amid mounting trade tensions between the US and China. Moreover, the Energy Information Administration (EIA) reported a weaker-than-expected drop in crude inventories further weighing on oil prices. The EIA report indicated that US crude oil stockpiles dropped by 1.4 million barrels to 407.3 million in the week ended 03 August.
In the Asian session, at GMT0300, the pair is trading at 67.07, with oil trading 0.48% higher against the USD from yesterday’s close.
The pair is expected to find support at 65.80, and a fall through could take it to the next support level of 64.53. The pair is expected to find its first resistance at 68.85, and a rise through could take it to the next resistance level of 70.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
US Crude Oil Inventory Fell Less Than Expected, Fuel Stockpiles Climbed Higher
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks increased +3.28 mmb to 1209.86 mmb in the week ended August 4. Crude oil inventory dropped -1.35 mmb (consensus: -3.33 mmb) to 407.39 mmb. Inventories decreased in 3 out of 5 PADDs. Cushing stock slipped -0.59 mmb to 21.8 mmb. Utilization rate added +0.5% to 96.6%. Meanwhile, crude production slid -0.92% to 10.8M bpd for the week.
Concerning refined oil product inventories. Gasoline inventory soared +2.9 mmb to 233.87 mmb as demand plunged -5.39 % to 9.35M bpd. The market had anticipated a -1.7 mmb decrease in stockpile. Production fell -5.44 % to 9.91M bpd while imports jumped +24.34% to 0.94M bpd during the week.
Distillate inventory increased +1.23 mmb to 125.42 mmb although demand increased +10.83% to 4M bpd. The market had anticipated a +0.22 mmb gain in inventory. Production added +1.51% to 5.44M bpd while imports soared +7.64% to 0.17M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory fell -6 mmb during the week. For refined oil products, gasoline stockpile rose +3.1 mmb while distillate was up +1.8 mmb.