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Daily wrap up – 11 September

11 Sep 2017 07:13 PM

US stocks rose broadly with the beginning of this week as Hurricane Irma was downgraded to a tropical storm, easing worries about its impact on economic growth. North Korea also refrained from any missile tests.

Markets are watching tonight the British parliament's vote on the European Union's withdrawal law, which turns European laws into domestic laws amid strong opposition to the broad powers of the law of the government.

The economic calendar today has no significant data, so the markets have seen some calm and no violent moves. The index of the dollar index rose since the beginning of trading today by 0.4% to reach the level of 91.86, its highest since last Thursday, from its lowest level in more than two years and half at 91.01 on Friday.

The euro fell by 0.5% against the US dollar to reach 1.1956, while the Japanese yen weakened against the dollar, as USDJPY rose by 1.1% today to reach the levels of 109 again.

As for the yellow metal, with the opening of the week fell with a price gap down after opening last week with a gap up on the 4 hours frame forming a reversal pattern "the island reversal" so, we expect declines of gold prices may reach the level of support at 1326.10 and then the level of 1316$ per ounce.

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