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Varchev Finance: Trading day in one post 26.02.2018

Trading day in one post

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Asian stock market: Asian indexes are trading with gains. Japan's Nikkei rose 1.12%. The technology, finance and automotive sectors have contributed most to the rise of the index. The Australian ASX added 0.57% to its value. China's markets are also increasing. Hang Seng advanced 0.61% and Shanghai composite and Shenzhen composite added 0.72% and 1.7%

 

FX market: USD again lost its upward momentum. EUR/USD is traded above the key level of 1.23. Medium-term moods around the dollar remain negative. The dollar index did not manage to go over it's SMA and returned to below the psychological level 90, indicating that investors are still negative toward the US currency. Later this week, we expect the data on Gross Domestic Product in the country as well as a statement by FED President Jerome Powell. In the short run, we remain negatively prone to the dollar. CAD: The Canadian currency remains among the strongest in the market. The high oil price supports the CAD quite a bit. Economic data from the country continues to be better than expected. The sentiment around CAD remains positive, as we will watch for hints from the President of the Central Bank for another increase in the interest rate this year. JPY: It's also among the strong currencies on the market ... but for how long? Currently, BoJ is the central bank that has the most negative policy against its currency, and yet the JPY remains strong. We can assume that when stock indices move north again, JPY will lose positions, but for the moment the moods to the Japanese yen are positive.

 

Commodities market: GOLD started the week strongly positive. The price of precious metal rose 0.1 percent to over 1330 dollars per ounce. As a reason for the rising cost of gold, we can account for the weakening of the US currency and the uncertainty of market players. Currently there are no profitable GOLD positions despite the strong upward momentum. The price is in the broad consolidation range between 1350$ and 1300$. It is more logical to wait for the price to approach one of the support or resistance areas and then look for a position signal. OIL: Black Gold futures indicate a price increase on the first day of the week. Brent crude oil is trading at a 0.2% increase at $67.44 a barrel, while WTI rose 0.4 percent to $63.80 a barrel. The reason for the rise in oil is data from Saudi Arabia (2nd largest oil exporter) that will keep OIL's producing from January to March below 7 million barrels per day.

 

European stock market: European indices will start the week in green territory. The German DAX will open a 20 points increase at a price of 12563 euros, the French CAC with a 3-point rise to a price of 5338 euros and the UKX UK with a 4 point increase of 7277 pounds. The moods of the European Union's economy remain positive. Although Mario Draghi has not given an exact date for QE termination, investors know that it is approaching. We remain positive about European benchmarks.

 

US Stock  Market: US stock exchange futures indicate mixed trade during the Asian session. DJIA is a 40 point increase, S&P dropping 3 points and the Nasdaq traded with a 20 point decline. The indices managed to wipe out the majority of the recent 10% correction, and this may drive investors to risk on the instruments. The moods around the US economy remain positive. We can look for short-term adjustments to position ourselves with long positions on US benchmarks.

 

Economic calendar for the European and American trade sessions 26.02.2018

9:00 UK - Nationwide housing price index
10:15 Switzerland - Employment level
11:30 UK - BBA Mortgage approvals
15:00 USA - FOMC Bullard speaks
17:00 USA - New home sales
17:30 USA - Dallas manufacturing business index
20:00 UK - MPC Member Cunliffe speech


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