Market Report Highlights European Trading Session
2018-09-24 01:04 pm | Resource: News | No Views : 85
The dollar rose on Monday to cut a two-week downtrend as investors bought the greenback ahead of the Federal Reserve's widely anticipated interest rate hike this week, while fears of trade wars showed investor appetite for risk.
The dollar has struggled as fears over a trade war fade, and central banks in Turkey's emerging markets have taken firm steps to stabilize their markets.
Today's trading session entered a new round of tariffs between the United States and China entered into force from 12:01 Beijing time. Where Washington imposed a 10 percent tax on Chinese imports worth 200 billion dollars, while Beijing responded by targeting 60 billion dollars of US goods at a tariff ranging between 5% and 10%. Shortly after the tariffs were implemented, the State Council issued a white paper accusing the United States of "abandoning the basic rules of mutual respect and equal consultation that guide international relations."
German Economy Data
- Business confidence in Germany fell in September, as the business confidence index fell less-than-expected to 103.7 in September from 103.9 in August. Economists had expected the result to fall to 103.2 from 103.8 originally in August.
- The survey showed that the current valuation index fell marginally to 106.4 in September from 106.5 a month earlier. Expected outcome was 106.
- Similarly, the index of expectations came in at 101.0 in September, down from 101.3, but higher than expectations at 100.5.
- In the manufacturing sector, the index fell due to poorer assessments of the current business situation, while business expectations rose to their highest level since February.
- In the services sector, the business climate remained almost unchanged as the improvement in the current trading situation offset the decline in their business outlook for six months.
- In trade, the index rose again in September. Traders reviewed their assessment of current trading conditions and expectations.
- In the construction sector, the business climate index continued to rise with the business climate and its sub-components hitting new record highs.
Oil prices rise by more than 2 per cent in the bull market
Oil prices jumped nearly 2 percent on Monday as crude oil exports from Iran, which underscored global supply and oil producers led by Saudi Arabia and Russia, showed they saw no rush to boost production. Where analysts expect prices to rise to $ 100 a barrel by 2019 as US sanctions against Iran tighten markets.
- Benchmark Brent crude rose 2.4 percent to $ 80.11 a barrel from $ 80.47 a barrel
- Earlier in the day. US crude futures rose 1.84% to $ 72.08.
Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…
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