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China Raised Tariffs in Retaliation, Oil Inches Up on Supply Concerns & Gold Near Resistance Level

By Research Team Tuesday, May 14, 2019
FOREX

EUR/JPY Outlook

    • 3.00pm ISTD1
    • High123.378
    • Low122.559
    • Close123.194

EUR/JPY is trading at 123.306, 0.12% up since Monday. The pair EUR/JPY is trading sideways as trade tensions between U.S & China escalated after China raised the tariffs on $60 billion worth of U.S goods in retaliation to U.S move of hiking the tariffs from 10% to 25% on Chinese products. The Euro-zone Industrial Production fell by 0.3% same as expected & the ZEW Economic Sentiment dropped by 1.6 against the prior positive figure 4.5. In Japan, the Bank Lending   increased to 2.4% from 2.3% in the previous month whereas the Current Account surplus narrowed to 1.27T against the expectation of 1.71T. Slight buying may be seen in EUR/JPY only on daily basis as the pair is trading lower trend-line of channel pattern.

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Special Outlook

EUR/JPY

Intra Day
Near Day

Technical Levels

R3 124.57000
R2 123.70400
R1 123.14800
Turnaround 122.83800
S1 122.28200
S2 121.97200
S3 121.10600
By Research Team Tuesday, May 14, 2019
COMMODITY

WTI OIL Outlook

    • 3.35pm ISTD1
    • High61.28
    • Low60.69000
    • Close61.06

WTI Oil is trading at 60.96, 0.03% down since Monday. The Oil prices inched up on Tuesday after news spurred in that supply from Saudi Arabia may be affected as two of their Oil tankers had been attacked near the U.A.E coast. However, the prices slid to $60 levels after China imposed the tariffs on $60 billion worth of U.S imports in retaliation to U.S tariffs hike last weekend. The U.S Baker Hughes revealed a fall in Oil rig counts by 2 leading to 805 from 807 in the preceding month which slightly cushioned the prices. The result of American Petroleum Institute (API) report will remain in focus as it will show the changes in Oil stocks level as compared to last week. Wait & watch strategy may be adopted further.

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Special Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 66.93000
R2 64.26000
R1 62.54000
Turnaround 61.59000
S1 59.87000
S2 58.92000
S3 56.25000
By Research Team Tuesday, May 14, 2019
INDICES

UK100 Outlook

    • 3.18pm ISTD1
    • High7189
    • Low7094
    • Close7188

UK100 is trading at 7178, 0.01% up since previous day close. The world indices traded on lower levels since last few trading sessions as disputes between U.S & China intensified. The China raised the tariffs on $60billion worth of U.S goods after U.S hiked the tariffs on Chinese imports last week. In U.K, the Average Earnings Index grew by just 3.2% lower than prior figure 3.5% whereas the Claimant Count Change increased to 24.7K from 22.6K in the previous month. Last week, the BoE left an interest rate constant at 1.75% as expected & hinted for monetary easing if targeted inflation & growth rate is achieved. Slight selling may be suggested for the day in an index UK100.

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Special Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7295.00000
R2 7215.00000
R1 7165.00000
Turnaround 7135.00000
S1 7085.00000
S2 7055.00000
S3 6975.00000