Manchester blast affecting markets

At least 19 people died and 59 were left injured in a suspected ‘terror attack’ at a pop concert by the US singer Ariana Grande at Manchester Arena on Monday. The British Prime Minister Theresa May stated this explosion was being treated as a “terrorist attack” and further added that she will hold a crisis response meeting today. This incident left markets impacted on Tuesday, as the pound dropped by 0.2 percent against the yen immediately after this.

source: BBC News, Reuters, Investing.com

Meanwhile, Britain’s political parties suspended the election campaign until further details of the explosion. Gold prices were also left affected after the deadly Manchester venue blast as Gold edged higher in Asian trade today at $1,261.87 a troy ounce. Australian stocks, on the other hand traded lower, with the ASX 200 index at 0.27 percent low. Even FTSE futures eased lower around 7,482.50 points.

Many important Economic Events shall take place on Tuesday. Germany released its First Quarter GDP at 06:00 GMT and it will be releasing its Manufacturing PMI for May and its Ifo Business Climate Index for May, at 07:30 GMT and 08:00 GMT respectively. Elsewhere, U.K.’s Inflation Report Hearings is due at 09:00 GMT, while the U.S. will report its New Home Sales for April at 14:00 GMT. These events may affect trends of the EUR, GBP and the USD on Tuesday.

Technical Analysis

GBP/JPY

GBP/JPY

Yesterday, the GBP/JPY pair reached its highest level at 145.037 yen at 03:00 UTC. It however, gained momentum as from 18:00 UTC to close this bullish trend by 21:00 UTC at 144.668 yen. Today, this currency pair started off its session bullishly to reach the 144.412 level at 02:00 UTC as the yen gained value on the market. It started to fluctuate afterwards as from 03:00 UTC and is thus, expected to follow this volatile trend through the day, consider using the Classic Binary trading tool for this asset today.

EUR/GBP

EUR/GBP

The currency pair gained momentum in today’s early trading hours as from 00:00 UTC to reach the 0.86631 level by 02:00 UTC, its highest level for today. Events due in Germany and the U.K. today, can change the trends of the EUR/GBP pair later during the day. It may consolidate through 11:00 UTC and gradually fall through the rest of today, traders can consider the One Touch options.

EUR/JPY

EUR/JPY

Although the EUR/JPY pair recorded few pullbacks on Monday, it was seen moving increasingly uphill, and its highest level since Friday was hit at 125.149 yen at 11:00 UTC. According to the Ichimoku Cloud indicator, the asset may fluctuate through today, and it is thus, recommended to make use of 60-Seconds Trading for this one.

Things to watch on the market

Tip 1

Currency pairs such as the GBP/JPY, USD/JPY, and the EUR/JPY would be a good opportunity to trade on today. Also try the GBP/CHF pair as it is expected to rise through today.


Tip 2

Since Gold is gaining much value on the market, consider trading the GOLD, and the GOLD/EUR commodities, along with the GOLD VS SILVER and the GOLD VS OIL, with the CALL option for any trading tools available on our platform. The ASX index is also recommended for today.


Tip 3

Investors should consider currency pairs such as the EUR/USD, EUR/AUD, GBP/USD, AUD/USD. Indices such as the German DAX, the FTSE 100 and the DAX F VS FTSE F pairs are also available on our trading platform.