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Daily market review

DAILY MARKET REVIEW — 19/12/2016

Germany’s Ifo Business Climate index will today’s main market mover.

 

Forex

EUR/USD

EURUSD dec 19

The pair grew last Friday as the US currency corrected itself. Data on the Eurozone economy additionally provided some support for the pair. Thus, the CPI matched the forecast, while November US Building Permits data disappointed investors and pushed the US dollar down.

Today, traders should pay attention to the German Ifo Business Climate index scheduled for 9:00 GMT. Then today at 11:00 GMT the Bundesbank will publish its monthly report.

Resistance: 1.04852, 1.05270, 1.05885
Support: 1.04093, 1.03658, 1.03182

USD/JPY

USDJPY dec 19

The Japanese currency strengthened against the US dollar during Friday’s session as US real estate sector data came out worse than expected.

Today, the US Flash Services PMI, scheduled for 14:45 GMT will impact the pair. However, tomorrow’s Bank of Japan meeting at 3:00 GMT will be followed by its all-important press conference at 6:30 GMT.

Resistance: 117.653, 118.418, 119.089
Support: 116.406, 115.9884, 115.471

 

Stocks

FedEx Corporation (FDX)

FedEx dec 19

FedEx will publish its quarterly report tomorrow. According to leading analysts, its earnings per share (EPS) should reach $2.89, with total revenue growing to $12.43 billion. If FedEx surpasses expectations it will be six times in a row.

Resistance: 197.40, 199.68, 201.41
Support: 195.46,193.69, 191.62

 

Commodities

Brent Oil Futures

BrentOil dec 19

Oil grew on Friday as leading oil manufacturers are getting ready to reduce their oil output come January 1.

At the same time, the number of US drilling rigs increased by 12 units last week.

Resistance: 55.82, 56.43, 57.00
Support: 54.90, 54.35, 53.80

DAILY MARKET REVIEW — 15/12/2016

The UK interest rate decision will be today’s most influential event.

 

Forex

GBP/USD

GBPUSD dec 15

The pair lost about 200 points yesterday as the Fed increased the interest rate from 0.5% to 0.75%. Additionally, US GDP growth forecast have increased.

Today’s UK Retail Sales and the US Consumer Price Index, scheduled for 9:30 and 13:30 GMT respectively will influence the pair. However, today’s most impactful event is the Bank of England’s interest rate decision scheduled for 12:00 GMT.

Resistance: 1.25844, 1.26206, 1.26554
Support: 1.25117, 1.24938, 1.24739

 

EUR/JPY

EURJPY dec 15

The euro appreciated significantly against the Japanese yen, primarily because of technical factors. Japanese Industrial Production along with the Eurozone’s matched their forecasts, thus impacting the pair.

Today’s Manufacturing PMI’s in France, Germany and the Eurozone should heavily influence everything. Market participants will additionally prepare for tomorrow’s Eurozone inflation data.

Resistance: 123.879, 124.224, 124.602
Support: 122.917, 122.584, 122.131

 

Stocks

3M Company (MMM)

3M dec 15

3M Co. expects higher sales in 2017. 3M, which expects to finish this year with flat sales growth, believes local-currency organic sales to rise between 1% and 3% next year. Sales in the electronics and energy business are expected to lag, rising up to 1% or falling as much as 3%. As a result share prices fell 1.25% yesterday.

Resistance: 177.60, 178.27, 178.88
Support: 176.13, 175.47, 174.76

 

Commodities

GOLD

Gold dec 15

Gold lost about $30 after the Fed decided to hike the interest rates. Additionally, Janet Yellen mentioned the possibility of the Fed enacting new rate hikes in 2017. This additionally pushed the USD up and gold down.

Today’s US economic statistics will impact the precious metal.

Resistance: 1144.40, 1151.13, 1157.18
Support: 1137.89, 1127.68, 1113.87

DAILY MARKET REVIEW — 14/12/2016

The FOMC Meeting is today’s most impactful event.

 

Forex

EUR/USD

EURUSD dec 14

The pair fell slightly yesterday as the Eurozone and German ZEW Economic Sentiments failed to impress. Additionally, the Eurozone employment change fell.

Today will be the FOMC Meeting where the Fed will determine the interest rate. Most experts believe that Fed will hike the rates from 0.5% to 0.75%. Nevertheless, investors are interested primarily in the pace and timing of further monetary tightening decisions.

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DAILY MARKET REVIEW — 12/12/2016

Tomorrow’s FOMC meeting will dominate the markets today.

 

Forex

GBP/USD

GBPUSD dec 13

The pound grew against the US dollar yesterday thanks to updated UK growth forecasts and a general weakening of the USD.

Today, the pair will be impacted by the UK CPI, scheduled for 09:30 GMT. Of course traders are waiting for Fed’s upcoming FOMC Statement.

Resistance: 1.27044, 1.27359, 1.27652
Support: 1.26208, 1.25920, 1.25520

AUD/JPY

AUDJPY dec 13

The Australian dollar rose against the Japanese yen yesterday as there was a decrease in demand for the safe assets such as the yen. Additionally, market participants often prefer to buy the Australian dollar when the commodity market is performing well.

So far Chinese Retail Sales data came out better than expected. Later on today at 23:50 GMT Japan will publish its Manufacturing and Non-Manufacturing indexes, which should impact the pair.

Resistance: 86.611, 87.117, 87.474
Support: 86.036, 85.700, 85.316

 

Stocks

JPMorgan Chase (JPM)

JPMorgan Chase dec 13

Yesterday JPMorgan’s CEO Jamie Dimon said that it may consider paying a special, one-time dividend should the stock reach “a certain price.” This would be done instead of increasing share repurchases as a way of returning some of the bank’s excess capital. After the statement its share price closed in the red and lost about 0.89% of its value.

Resistance: 85.78, 86.50, 87.50
Support: 83.70, 82.27, 80.82

 

Commodities

GOLD

Gold dec 13

Gold prices yesterday grew, with investors adjusting their positions before announcement of the US Fed meeting. It should be noted that most analysts believe the Fed will raise the rates by 25 basis points tomorrow. However, the market reaction can be unpredictable. Therefore, the accompanying statement will be particularly important tomorrow.

Resistance: 1165.71, 1172.02, 1178.51
Support: 1157.17, 1151.23, 1145.35

DAILY MARKET REVIEW — 08/12/2016

Oil rules the markets today

 

Forex

CAD/JPY

CADJPY dec 12

The pair trended upwards Friday thanks to positive oil market dynamics. This Saturday non-OPEC countries agreed to cut oil production by 558 thousand barrels per day, which caused prices to rise. Today’s dynamics will ultimately depend on the situation in the oil market.

Resistance: 88,770, 89,196, 89,675
Support: 87,587, 87,129, 86,702

AUD/USD

AUDUSD dec 12

The pair grew last Friday thanks to positive data on the Chinese economy as inflation matched forecasts. It should be noted that Chinese economic data tends to heavily influence the Australian dollar. However, in the second half of the day the pair started to fall as the US dollar strengthened.

Today traders will wait for data on Chinese Retail Sales and Industrial Production scheduled for December 13 2:00 GMT.

Resistance: 0,74681, 0,74892, 0,75071
Support: 0,74326, 0,74137, 0,73946

 

Stocks

Dow Futures

Dow dec 12

US stocks grew last Friday thanks to positive US statistics. Oil additionally grew. Meanwhile, traders will gear up for the Fed’s meeting scheduled for December 13-14.

Resistance: 19844,82, 19872,69, 49906,86
Support: 19762,55, 19726,72, 19694,87

 

Commodities

Brent Oil Futures

BrentOil dec 12

Oil rose during Friday’s session as traders were waiting for the long awaited meeting. So, on December 10 non-OPEC producers agreed to decline oil output volumes by another 558,000 barrels.

However, further growth was stopped as data from Baker Hughes stated that the number of US drilling rigs grew by 21 units.

Resistance: 57,70, 58,40, 59,10
Support: 56,20, 55,35, 54,43

DAILY MARKET REVIEW — 08/12/2016

ECB interest rate decision will be today’s most impactful event.  

 

Forex

EUR/USD

EURUSD dec 8

The US dollar fell yesterday as traders are waiting for today’s ECB meeting. Germany Industrial Production came out better than expected.

Today’s ECB interest meeting at 12:45 GMT followed by the all-important press conference at 13:30 GMT will impact the pair the most. Additionally, today’s weekly US labor market report, scheduled for 13:30 GMT will impact the pair.

Resistance: 1.07953, 1.08176, 1.08510
Support: 1.07293, 1.06890, 1.06570

USD/CAD

USDCAD dec 8

The pair has been trending downwards for the greater part of two weeks thanks to positive findings in the oil market. Despite the US JOLT job openings coming out better than expected the Bank of Canada decided to keep its interest rate unchanged, thus providing key support for Canadian dollar

Today’s dynamics will depend on Canadian Building Permits on US weekly Unemployment Claims, scheduled for 13:30 GMT.

Resistance: 1.32541, 1.32970, 1.33560
Support: 1.32080, 1.31811, 1.31385

 

Stocks

Microsoft Corporation (MSFT)

Microsoft dec 8

Microsoft received official approval from European Union Commission to acquire LinkedIn for $26 billion. United States, Brazil and Canada approved the deal earlier. Yesterday, after the news broke shares grew by 2.37%.

Resistance: 61.50, 62.00, 62.50
Support: 60.75, 60.40, 60.10

 

Commodities

GOLD

Gold dec 8

Yesterday gold grew. Over the past month the precious metal lost a little over 8% of its value thanks to Donald Trump’s surprising US Presidential win, coupled with the strong possibility of the Fed raising the rates.

Today’s dynamics will depend entirely on the stock markets and the risk appetite of investors.

Resistance: 1180.27, 1185.33, 1190.53
Support: 1172.10, 1165.55, 1160.76

DAILY MARKET REVIEW — 07/12/2016

Canada’s interest rate decision will be today’s main market mover

 

Forex

CAD/JPY

CADJPY dec 7

The pair grew somewhat yesterday as oil prices rose. Additionally, Canada’s trade surplus helped the pair as well.

This morning thus far, Japan published their Leading Indicators and the results were worse than expected, though not by much. Later on today at 15:00 GMT the Bank of Canada will announce its interest rate.

Resistance: 86.455, 87.103, 87.644
Support: 85.535, 84.950, 84.572

GBP/USD

GBPUSD dec 7

The British pound fell against the US dollar yesterday, primarily because of technical factors. Most traders decided to take their profits after the pair grew last week.

Today’s UK Industrial and Manufacturing Production reports, scheduled for 9:30 GMT will impact the pair the most.

Resistance: 1.26958, 1.27652, 1.28531
Support: 1.25917, 1.25249, 1.24517

 

Stocks

Sberbank Rossii PAO (SBER)

Sberbank dec 7

Russian state bank Sberbank will publish its quarterly report today. According to most forecasts, its earnings per share (EPS) should come in at 5.81 rubles, with total revenue reaching 740.52 billion rubles.

Resistance: 160.59, 161.74, 162.69
Support: 158.58, 157.82, 157.24

 

Commodities

Brent Oil Futures

BrentOil dec 7

Oil prices fell slightly yesterday, concluding the rally that started on November 30 after the OPEC meeting. Yesterday’s decline came about because of new statistics that indicated growth in major oil producing countries. OPEC member states produced an average of 34.19 million barrels a day in November. Additionally, Russia has stated that its production levels rose to 11.21 million barrels per day in November.

Today’s US oil inventory, scheduled for 15:30 GMT will impact the market.

Resistance: 54.55, 55.11, 55.60
Support: 53.00, 52.28, 51.65

DAILY MARKET REVIEW — 05/12/2016

The consequences of the Italian Referendum will impact the markets the most today.

Forex

EUR/USD

EURUSD dec 1

The pair showed mixed results last Friday because of the NFP report, which showed that 178K jobs were created. The unemployment rate fell to 4.6%, the lowest since 2007.

Today thus far, the pair fell sharply caused by Italy referendum. Italian voters rejected reforms to revamp the country’s constitution, culminating with PM Matteo Renzi resignation.

Eurozone Retail Sales, scheduled for 10:00 GMT and the U.S. ISM Non-Manufacturing PMI at 15:00 GMT will impact the pair the most this morning.

Resistance: 1.05840, 1.06250, 1.06848
Support: 1.05376, 1.05050, 1.04679

AUD/USD

AUDUSD dec 1

The pair grew last Friday thanks to a slew of mixed statistics on the US labor market. Although the NFP and the unemployment rate came out better than expected, the average hourly earnings was lower than forecast.

However data on China’s services sector was better than what most analysts had forecasted, thus causing a spike in the AUD. Future dynamics will depend on the Reserve Bank of Australia upcoming decision on monetary policy.

Resistance: 0.74681, 0.74932, 0.75112
Support: 0.74185, 0.74000, 0.73740

 

Stocks

Lukoil PAO (LKOH)

Lukoil dec 1

Lukoil, one of the world’s largest oil producers will publish its quarterly report today. According to forecasts, its earnings per share (EPS) may rise to 230.00 rubles, with total revenue hitting 1320.00 billion rubles.

Resistance: 3310.80, 3322.50, 3332.7
Support: 3273.80, 3262.10, 3253.90

 

Commodities

Brent Oil Futures

BrentOil dec 1

Oil stopped growing during Friday’s session and have so far fallen by one percent as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concentrated action between OPEC and Russia, might not be as large as originally projected.

Resistance: 54.55, 55.11, 55.60
Support: 53.00, 52.28, 51.65

DAILY MARKET REVIEW — 01/12/2016

Tomorrow’s NFP report will have an impact on today’s trading.

 

Forex

GBP/USD

GBPUSD dec 1

Yesterday the pair for the most part trended upwards. Support for the pair comes from investors willing to take risks. A strong rally in the oil market contributed to this. However, better than expected US statistics did put some pressure on the pair. U.S. ADP nonfarm employment change grew to 216,000 against a forecast of 165,000.

Today’s dynamics will depend on U.K. and US Manufacturing PMIs. However, this week’s main event is tomorrow’s NFP.

Resistance: 1.25569, 1.25877, 1.26195
Support: 1.24944, 1.24517, 1.24197

USD/JPY

USDJPY dec 1

This pair grew significantly yesterday thanks to a slew of better than expected US economic statistics. Today’s dynamics will depend on US labor market data scheduled for 13:30 GMT.

Resistance: 114.814, 115.590, 116.422
Support: 113.817, 113.242, 112.728

 

Stocks

Dow Futures

Dow dec 1

Most major US stock indexes showed mixed results yesterday but ultimately trended positively thanks to better than expected US economic statistics. OPEC’s oil freeze additionally provided support for numerous stocks.

Today’s dynamics will depend on investor sentiment along with US economic data. However, investors will be cautious with Friday’s NFP report.

Resistance: 19146.26, 19180.00, 19214.85
Support: 19099.98, 19064.31, 19030.76

 

Commodities

GOLD

Gold dec 1

Precious metal quotes yesterday fell to new lows thanks to a rising dollar. In general gold lost about 6.5% of its value during November as expectations for US tax cuts are rising substantially.

Resistance: 1176.92, 1189.68, 1197.59
Support: 1163.70, 1151.98, 1139.83

DAILY MARKET REVIEW — 30/11/2016

Today’s OPEC Meeting will be Today’s Main Market-Mover

 

Forex

EUR/USD

EURUSD nov 30

Yesterday the pair grew as the US dollar fell somewhat despite the US Q3 GDP data came out better than expected and the Eurozone Services Sentiment falling slightly. At the same time German inflation grew matching expectations.

Today’s Eurozone CPI scheduled for 10:00 GMT should impact the pair. Additionally, later today the US real personal consumption will be published at 13:30 GMT.

Resistance: 1.06648, 1.07141, 1.07608
Support: 1.06182, 1.05836, 1.05376

USD/CAD

USDCAD nov 30

The US dollar strengthened somewhat against its Canadian counterpart yesterday thanks to better than expected US GDP and consumer confidence data.

Today’s trading dynamics will depend on the Canadian GDP Q3 report, scheduled for 13:30 GMT. Later today, US personal spending and income data will be published.

Resistance: 1.34664, 1.34969, 1.35306
Support: 1.33990, 1.33664, 1.33309

 

Stocks

BMW AG (BMWG)

BMW nov 30

The Russian office of the German automaker BMW will recall 33 thousand of its X3 F25 and X4 F26 cars because of defects in numerous child seats. As result the company’s share price fell by 1% during yesterday’s session.

Resistance: 81.56, 82.25, 82.86
Support: 80.25, 79.64, 78.82

 

Commodities

Brent Oil Futures

BrentOil nov 30

Oil quotations fell by 3% yesterday, spurred on by doubts about the OPEC cartel being able to freeze oil output. The meeting starts today in Vienne. Meanwhile, most analysts don’t believe that any of the participants will be able to agree, because at the moment there are deep-rooted differences between Iran, Iraq and Saudi Arabia.

However, today’s data from the US Department of Energy, scheduled for 15:30 GMT will additionally impact the market.

Resistance: 47.60, 48.11, 48.65
Support: 46.79, 46.26, 45.73