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Varchev Finance: Trading day in one post 06.03.2018

Varchev Finance Trading pit action

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Asian stock market: Asian stock indices are trading with gains. Japan's Nikkei rose 2.14%, Australian ASX added 1.13% to its value. The Chinese markets also did not stay behind and trade in green territory. Hang Seng is 1.39% up, Shanghai Composite and Shenzhen composite rose 0.21% and 0.69%. During the Asian session we saw RBA's decision on the country's main interest rate as it remained unchanged at 1.5%.

 

FX market: USD remains under pressure. The dollar index measuring the strength of the US currency is again below the key level of 90, which indicates that bears take precedence. EUR/USD failed to activate the Double Top figure and reversed to its upward trend. The pair traded above level 1.23, with no downside momentum. Speculation that the FED will raise the interest rate more than 3 times this year failed to support the US currency. We remain negative towards USD over the medium term. JPY: is among the strongest currencies on the market. The decline in stock indices and the rise in volatility support hedging instruments such as JPY. Although BoJ's monetary policy is likely to remain negative for JPY this year, the bank's president has made positive comments on reaching 2% inflation in early 2019, and thus triggering the tightening of monetary policy. We remain positive toward the yen. EUR: The common currency stands out against a weak dollar. Since the coalition in Germany is already a reality, uncertainty in investors seems to evaporate. Now the elections are in Italy, but as we can see, the market does not show much concern about them. The indications from the central bank that the QE decrease is approaching positively affect the EUR. We remain positive about the common currency.

 

Commodities market: GOLD is trading as a gains during the Asian session. The precious metal rose 0.2% and traded around $1322 per ounce. The main reason for the appreciation of gold is the weakening dollar. Increasing volatility in the stock market also contributes to raising the GOLD price. For the moment, the price remains between the range of 136 $ - 1300$. It is inappropriate to look for positions at the moment because we are far from the areas of support and resistance. OIL: Black Gold Futures indicate price rises over Asian hours. Brent crude oil added 0.29% to its value and traded at about $65.73 a barrel, while WTI traded a 0.27% increase at $62.74 a barrel. The oil base remains positive. The agreement that OPEC concluded last year is still in force and is likely to remain so until the end of 2018.

 

European stock market: European indices will start the mixed sessions. The German DAX will open an increase of about 3 points at a price of €12171.00, the French CAC, a 2-point decline of €5188.00 and a UKX UK with a 9 point drop of £ 7140.00. The sale of the stock indices was caused by concerns about the tariffs that Thramp intends to impose. This week, we might see wil the US president will decide on the tariffs or wait. Another factor for subsequent market volatility may be the parliamentary elections in Italy. There is currently no party that has gathered enough votes to form a government.

 

American Stock Market: Following the closing of the US session yesterday, American benchmark futures did not show large price movements. DJIA is trading 10 points down, S&P down 1 point and Nasdaq with 8 points increase. The technical analysis of the 3rd index shows us that we already have a lower peak, which is currently making the medium-term movement more likely.

 

Economic calendar for the European and American trade sessions 06.03.2018

10:15 Switzerland - CPI
15:55 USA - Redbook index
17:00 USA - Factory orders
17:00 Canada - Ivey PMI
20:15 UK - MPC member Haldane speech
23:30 USA - API crude oil stock


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