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Varchev Finance: Trading day in one post 02.03.2018

Trading day in one post

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Asian stock market: Asian indexes are trading with declines following Wall Street sales. The Japanese Nikkei traded 2.27% down, the Australian ASX is with 0.67% in red territory. Chinese indices also fell. Hang Seng wiped out 1.53% of its value, Shanghai composite and Shenzhen composite fell 0.32% and 0.44%.

FX market: USD lost its bullish momentum ... again. The US currency is again under pressure from investors, despite positive comments from the new FED president Jerome Powell. EUR/USD failed to complete Double Top and re-traded above SMA 50 and the psychological 1.22. The dollar index is still above level 90, indicating that the bulls still have some strength, but if it goes under the support, the bearish momentum will grow. We remain negative towards USD over the medium term. JPY: The hedging currency was again under the spotlight. Stock sales and index declines were positive for the JPY. Although BoJ's monetary policy remains negative, the yen is being sought by investors when the market is chaos. The recent comments of the President of the Central Bank are more positive about the currency. According to him, the target of 2% inflation will be reached in the beginning of 2019, and thus will begin the gradual decrease of QE and the raising of the interest rate in Japan. For the moment, we are positive about the yen. CAD: Remains among the strong currencies on the market. Despite the decline in recent weeks, the Canadian dollar did not report a serious downturn. The high oil price supports the strength of the currency. Today we expect the data on the country's gross domestic product, as a better number than expected will support CAD.

Commodities market: GOLD is trading without major price change over the Asian session. The precious metal managed to keep above the key level of $ 1300, mainly due to the declining dollar. GOLD is currently trading at around $1315. The decline in stock indices contributed to the rise in the price of the precious metal, which was sought as a hedging instrument during market volatility. OIL: Black Gold futures indicate a rise. During the Asian session, Brent traded a 0.13% increase at $63.91 a barrel, while WTI added 0.4% to its value and traded at about $61.24 a barrel.

European stock market: European benchmarks will start the mixed sessions. The German DAX will open at price around 12056 by about 2 points, the French CAC will open without a price change at 5220 euros and the UKX will start with a 5 point drop at 7123 pounds.

American Stock Market: US indexes continuing to slump. Yesterday, the DJIA ended the session with over 400 points down. S&P wiped out 1.33% of its value, and Nasdaq 1.27%. US President Donald Trump has announced that next week he will impose crude tariffs on imports of steel and aluminum - 25% and 10%. This was the reason for the sharp decline in indices. For now, stock market futures indicate that the decline is not over. DJIA is down 110 points, S&P 9 points and Nasdaq 2 points.

Economic calendar for the European and American trade sessions 02.03.2018

9:00 Germany - Retail sales
10:10 - EU - ECB's Mersch speech
12:00 UK - BoE governor Carney speaks
12:00 EU - PPI
15:30 Canada - Gross domestic product
15:45 USA - ISM business confidence
17:00 USA - Michigan consumer sentiment
20:00 USA - Baker hughes oil rig couns


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