Currency Majors Are Consolidating

During yesterday's trading, the US dollar moved away from the local minimums. The dollar index (#DX) closed the trading session in the positive zone (+0.22%). Economic reports from the EU and the US were mixed. The Federal Bureau of Statistics of Germany published quite optimistic data on the labor market. The growth of the Eurozone economy in the second quarter was revised from 1.9% to 2.1% (year on year). At the same time, the indicator was below the market expectations at 2.4%.

In June, private consumption expenditures in the US increased by 1.5%, which is more than the forecasted value of 1.3%. The index of business activity in the manufacturing sector from ISM (July) decreased by 2.6% to 56.3.

Yesterday in the market of "black gold", aggressive sales were observed. Futures for the WTI crude oil fell by more than 2.5%. The American Petroleum Institute reported that crude oil inventories rose by 1.779 million barrels. Experts expected a decrease of 2.900 million barrels.

Market Indicators

Major US stock indices closed the trading session in the positive zone: #SPY (+0.22%), #DIA (0.31%), #QQQ (+0.23%).

Yesterday, the 10-year US government bonds yield fell sharply. At the moment the indicator is at the level of 2.26%.

Today the following economic reports are in the focus of attention:

  • – The index of business activity in the construction sector in the UK at 11:30 (GMT+3:00);
  • – Preliminary report on the labor market in the US from ADP at 15:15 (GMT+3:00);
  • – Crude Oil Inventories in the US at 17:30 (GMT+3:00).

by JustForex, 2017.08.02

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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