In Forex (Fx) education section we have answered vast no. of FAQ’s and have tried to deliver easy free flow knowledge for customers who would like to understand basics and use our services at xDirect Markets.
EUR/USD is trading at 1.13345 making a day-high of 1.13458 & day-low of 1.13163. The EURO turned slightly positive post release of Final Services PMI which increased to 53.4 from 53.1 in the prior month & the Retail Sales grew by 0.3% higher than the expectation of 0.2%. Besides this, the mixed USD over suspicious view regarding U.S-China trade resolution within 90-days & falling U.S Treasury bond yields cushioned the other currencies to some extent. The outcome of Euro-zone labor data & GDP rate will remain in focus on Thursday. As seen in the chart, the pair is almost trading below the resistance area & Moving Averages indicating the selling bias on an intraday basis.
WTI oil is trading at $53.15 making a day-high of $53.41 & day-low of $52.15. The tight range can be seen in the Oil prices as the market waits for the OPEC meeting which is to be held on December 06 at Austria focusing on the output levels. The API released its report showing a build-up in Oil stocks level by 5.36 million barrels per day higher than the previous figure of 3.45 million barrels per day. Earlier, the price rallied after Saudi Arabia & Russia agreed to cut-down its oil output levels in order to stabilize the markets. The Canada said that it asked one of the largest Oil producing provinces, Alberta to reduce Oil output by 8.7% to offset over-building capacity of its pipeline. Slight selling may be seen for the day in Oil.
AUS200 is trading at 5678 making a day-high of 5684 & day low of 5606. The indices turned range bound due to thin liquidity in the markets as major indices are shut on account of national event. In Australia, the GDP data grew by just 0.3% much lower than the previous figure of 0.9% indicating slowdown in industrial activity due to U.S-Sino trade war. This overshadowed the positive effect of AIG Services Index which rose to 55.1 from 51.1 in prior month. On Tuesday, the RBA showed no change in interest rate maintained at 1.50% as expected & hinted for further monetary easing if housing growth rate is achieved. Slight selling may be recommended for the day in AUS200.
RISK DISCLAIMER: Trading foreign exchange (FOREX), Commodities and Indices on margin is not suitable for all investors as it carries a high level of risk. Consider your investment objectives, experience level and risk appetite before deciding to trade in foreign exchange. It is likely that you may sustain a loss of some or all of your capital investment and hence, all your investment decisions are based on your own judgment. You should understand that these instruments are highly related with huge risk, and also look for an independent advice if you have any doubts. Read more.