Dollar index is gaining momentum

Daily Analysis - 16/04/2019

Greenback is waiting global data to be released while AUD suffers


On Tuesday the popular dollar won versus a bucket of its main opponents. Traders were cautious and they waited for more strong indications that the global economy is going in the right direction.

Most of the main pairs were stuck in tight trading areas before the Chinese and European data. The AUD, on the other hand, shocked the market as it was the main looser in Asia following Australia’s central bank announcement.  The statement stated a possibility for a cut in interest rates. The dollar index was higher at 96.979.

Gold is trading lower

On Tuesday gold was trading lower while new positive clues that finally the U.S and China are making progress regarding their trade dispute, supported the risk appetite.

What probably drives also investors to pick more risky assets are the positive economic conditions. U.S. gold futures fell 0.3% at $1,287.58 an ounce. Spot gold fell about 0.2% at $1,284.98 An Analyst in UBS Wealth Management in Hong Kong said, "The main reason what pressures gold is the improved economic data ... for countries such as China, for example, things have turned around a fair bit”.


Oil is falling due to oversupply fears

On Tuesday Oil went down following a statement from a Russian minister that Russia and OPEC are considering to fight the U.S for market cut by boosting the crude oil production. On Monday the U.S. WTI crude futures were down 8 cents, at $63.30 per barrel from their previous close.

Brent crude oil futures were at $70 a barrel falling also, 18 cents, from their last close.


Asian stocks went up

Asia stocks went up in Tuesday, while Japan and U.S trade discussions started and the BOJ chief signaled dangers of growing trade protectionism that affecting the global economic growth. The Topix index, fell about 0.1%, the popular Japanese Nikkei 225 advanced more than 0.20% while In Hong Kong, the Hang Seng index got more than 0.60%.


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