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Varchev Finance: Trading day in one post 07.03.2018

Trading day in one post

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Asian stock market: Asian stock indices are trading with decrease. The Japanese Nikkei wiped 0.67% of its value, the Australian ASX dropped 0.97%. The Chinese markets followed the example of Japan and Australia and also plunged. Hang Seng is 0.35% down, Shanghai composite and Shenzhen composite wiped out 0.1% and 0.26% of their value.

 

FX market: USD remains among the weakest currencies on the market. The dollar index, which measures the strength of the US currency against its major competitors, is again below the psychological level of 90, which indicates that bears have again prevailed. EUR/USD is traded above key level 1.24 as the bullish momentum remains. From a technical point of view, the pair is in a long trend above their moving averages. With a comfortable correction we can look for a long position signal. Today we expect data on ADP change in employment, during the news high volatility of the dollar crosses is expected. EUR: Unlike USD, EUR is among the strong currencies on the market. Investors' expectations for a reduction or total suspension of QE support the common currency. Another reason for the strength of the EUR is that in Germany, Chancellor Merkel secured her 4th mandate as a coalition with the SPD. Today, at 12:00, we expect the Union's Gross Domestic Product data. At higher-than-expected data, we will most likely see a EUR appreciation. JPY: Bourgeois chaos, a trade war , top economic advisor resigning it's post in White house, all factors that have a positive impact on a hedging instrument like the yen. Although the central bank is pursuing an extremely unfavorable JPY policy, investors resort to the yen at a time of economic instability. We remain positive at JPY.

 

Commodities market: During the Asian Hours, GOLD reported an increase of 0.1% and traded at about $1335 per ounce. From a technical point of view, the metal has entered a consolidation between the $1300 and $ 1370 levels. At the moment it is not appropriate to look for positions because we are far from the areas of resistance and support. OIL: Black Gold futures indicate that during the Asian session oil has seen a decrease in its price. Brent crude oil was down 0.8% and traded at about 65.28 dollars a barrel, while WTI was down 0.75% at $62.13 a barrel.

 

European stock market: European indices will start the session in red territory. The German DAX will open 120 points down to 12023.00 euro, the French CAC with a 60 point decline around 5130.00 euro and the UKX with a 60 point decline, around a price of 7105.00 pounds. The news that Gary Cohn will leave Trump's administration proved to be extremely negative on stock indices.

 

US Stock Market: Futures of US stock indices indicate declines. After the news of leaving Gary Cohn, the fusions collapsed. DJIA declined by 350 points, S & P by 42 points and Nasdaq by 85 points. Short-term movements in the indices were upward, but after this news, the bearish momentum took precedence. We remain negative in the short term.

 

Economic calendar for the European and American trade sessions 07.03.2018

10:30 UK - Halifax house price index
12:00 EU - Gross domestic product
14:00 USA - MBA Mortgage applications
15:15 USA - ADP Employment change
15:15 Canada - Housing starts
15:30 USA - Trade balance
15:30 Canada - Trade balance
17:00 Canada - Interest rate decision
21:00 USA - FED's Beige book
22:00 USA - Consumer credit change


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