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Daily market review

Daily Market Review — 18/07/2016

IBM will be today’s market maker

 

Forex

GBP/USD

GBPUSD july 18

The pair dropped significantly on Friday thanks better than anticipated US economic statistics. Retail Sales and Industrial Production took center stage as they demonstrated the most growth in June while the CPI matched expectations.

Bank of England’s Chief Economist, Andy Haldane recently stated that there is a high chance of major stimulus being implemented, possibly within the next month. This of course put additional pressure on the pound. Nevertheless, traders are still waiting for tomorrow’s UK Inflation report.

Resistance: 1.32787, 1.33582, 1.34728
Support: 1.31397, 1.30463, 1.29243

AUD/USD

AUDUSD july 18

The pair trend upwards during the first half of Friday’s session thanks to positive statistics regarding the Chinese economy. However, US Retail Sales and Industrial Production figures beat all expectations, thereby bringing the pair down. Furthermore, news pertaining to the attempted Turkey coup influenced the market.

Now traders are awaiting tomorrow’s Reserve Bank of Australia Meeting Minutes, which will without a doubt impact the pair.

Resistance: 0.76101, 0.76323, 0.76626
Support: 0.75664, 0.75316, 0.75009

 

Stock Market

IBM (NYSE: IBM)

IBM july 18

Today IBM will publish its quarterly report, with leading analysts predicting an EPS of $2.89, along with a total revenue of $19.83 billion dollars. Both projected figures are higher than what resulted in the previous period. If the actual values match or exceed the forecast the  share price may rise to $162.

Resistance: 161.42, 163.20, 164.65
Support: 158.47, 156.98, 155.48

 

Commodities

Crude Oil Futures

CrudeOil july 18

Oil prices rose slightly at the end of Friday’s session thanks to positive statistics emendating from the Chinese economy. Prices were further impacted by the attempted coup in Turkey. At the same time a gross oversupply in the market will probably hinder prices from increasing.

Resistance: 46.16, 46.58, 46.91
Support: 45.51, 45.15, 44.75

Daily Market Review — 14/07/2016

Bank of England will impact the markets with its key rate decision

 

Forex

GBP/JPY

GBPJPY july 14

The pound fell tremendously yesterday as many expect the Bank of England to further extend its stimulus measures at its 11:00 GMT meeting. It is important to note that the bank’s Governor, Mark Carney in a speech two weeks ago expressed his readiness to cut the interest rates. Even if the British Central Bank only decides to increase its Asset Purchase Program, it will still cause the pound to fall against all of the major currencies. So far today, an updated Japanese GDP forecast was released today by the Bank of Japan, which caused the pair to rise.

Resistance: 140.356, 141.311, 142.153
Support: 137.981, 136.384, 134.963

USD/CAD

USDCAD july 14

The pair fell significantly during yesterday’s session as the Bank of Canada decided to leave the rates unchanged in-line with expectations. However, what cause the currency pair to plummet was the accompanying statement, which proved to be very optimistic than most analysts had anticipated. Today’s dynamics will be influenced by the US PPI and the weekly Unemployment Claims report, both of which are scheduled for 12:30 GMT.

Resistance: 1.29564, 1.29880, 1.30186
Support: 1.29040, 1.28749, 1.28448

 

Stock Market

S&P500 Futures

SP500 july 14

Major US stock indexes traded flat after reaching record highs before. As of now investors are locked into earnings season. Today before the US markets open major US bank, JPMorgan Chase will release its quarterly earnings report, with Citigroup set to follow tomorrow.

Resistance: 2160.98, 2171.90, 2182.42
Support: 2139.14, 2124.04, 2109.58

 

Commodities

Crude Oil Futures

CrudeOil july 14

Crude oil fell yesterday after rising briefly the day before. The US Department of Energy stated that crude oil inventories fell by only 2.546 million barrels as opposed to 3.25 million. Additionally, the International Energy Agency revised its previous forecast and now only expects to see balance in the global oil market not before 2018.

Resistance: 45.76, 46.44, 47.00
Support: 44.94, 44.34, 43.74

Daily Market Review — 13/07/2016

Daily Market Review — 13/07/2016

Bank of Canada will impact the markets with its interest decision

Forex

CAD/JPY

CADJPY june 13

The pair trended upwards yesterday as an increase in oil prices proved to be the main catalyst. Additional support came via the Japanese government announcing new fiscal stimulus measure will soon take effect, with many believing that some sort of a “helicopter money” stimulus package. However, just this morning, Japanese Chief Cabinet Secretary Yoshihide Suga stated that the “helicopter money” will be included in the stimulus measure, allowing the JPY to recover some of its losses.

Further dynamics will depend on the Bank of Canada’s Interest Rate decision scheduled for 14:00 GMT, followed by Governor Stephen Poloz’s statement at 15:15 GMT.

Resistance: 79.942, 80.341, 80.737
Support: 79.419, 79.057, 78.695

AUD/USD

AUDUSD june 13

The Australian dollar grew during yesterday’s session, taking full advantage of the USD’s depreciation. NAB Business Confidence data came out better than expected and yesterday’s poor US labor market data provided further support for AUD.

Today, traders should pay close attention to the US Beige Book and Federal Budget Balance reports scheduled for 18:00 GMT.

Resistance: 0.76169, 0.76587, 0.76926
Support: 0.75664, 0.75316, 0.75009

 

Stock Market

DAX Futures

DAX june 13

European stocks grew for the fourth consecutive session as many investors expect a number of central banks to expand their stimulus measures in the near future. Better than expected German inflation data yesterday helped as well.

Currently, all investors are anxiously awaiting tomorrow’s Bank of England interest rate meeting. Today so far the DAX is listed at 9,947.00 (-0.17%), probably impacted by worse than anticipated Eurozone industrial production findings.

Resistance: 10002.90, 10135.81, 10230.02
Support: 9834.28, 9707.32, 9584.33

 

Commodities

GOLD

Gold june 13

Gold trended downwards yesterday as investors resorted to profit-taking after last week’s significant gains. Additionally, the USD’s increasing strength put further pressure on the precious metal. Nevertheless, most analysts believe gold will continue to grow as it looks uncertain the Fed will raise the rates this year.

Resistance: 1347.04, 1352.90, 1359.73
Support: 1337.92, 1332.30, 1327.34

Daily Market Review — 12/07/2016

Daily Market Review — 12/07/2016

Statements from Bank of England head, Mark Carney and US Fed officials will move the markets

Forex

GBP/JPY

GBPJPY june 12

The pair grew significantly yesterday with David Cameron set to resign Wednesday and Theresa May to replace him. This news provided solid support for the British currency. Furthermore, Japanese Prime Minister, Shinzo Abe announced that new fiscal stimulus measures will soon take effect, which additionally hurt the yen, thus benefiting the pair.

Today’s dynamics will depend on Bank of England Governor Mark Carney’s statement scheduled for 9:00 GMT.

Resistance: 135.243, 136.350, 137.481
Support: 133.725, 132.574, 131.775

EUR/USD

EURUSD june 12

The pair trended upwards yesterday, helped by an increase in investors’ risk-traction. The euro, which mirrored the Pound sterling’s dynamics rose after it was announced Theresa May will replace David Cameron as the Prime Minister, starting Wednesday. Nevertheless, the US dollar is still riding strong after Friday’s stellar NFP report. Today starting at 13:15, statements from various Federal Reserve officials will impact the pair.

Resistance: 1.10959, 1.11216, 1.11428
Support: 1.10631, 1.10431, 1.10228

 

Stock Market

Dow Futures

Dow june 12

Major US stock indexes including the S&P 500 and the Dow Jones trended highly for the third consecutive session as post-Brexit concern is fading away along with the Japanese government announcing new stimulus measures. Furthermore, the NFP continued to provide crucial support for stocks.

Meanwhile, earnings season has started up, with Alcoa kicking things off. The stock soundly beat all expectations, helping stock indices.

Resistance: 18189.52, 18232.14, 18275.03
Support: 18130.40, 18074.50, 18007.85

 

Commodities

Crude Oil Futures

CrudeOil june 12

Crude oil prices fell slightly during yesterday’s session due to decreased fears pertaining to supply disruptions as Canada and Nigeria appear ready to return online. Additionally, the oil markets are still reacting to last week’s news concerning the increase in US drilling rigs. Furthermore, Iran stated that it will increase its production volumes. Today’s the market will be impacted by data pertaining to US oil stocks.

Resistance: 45.13, 45.76, 46.44
Support: 44.34, 43.74, 42.96

Daily Market Review — 11/07/2016

Daily Market Review — 11/07/2016

Friday’s NFP report is still influencing the markets

Forex

GBP/USD

GBPUSD july 11

 

The pair traded with mixed results last Friday thanks to varied US labor market data. Although the NFP soundly beat expectations, the Unemployment Rate grew unexpectedly and the Average Hourly Earnings failed to rise to the desired amount. Meanwhile, the GBP is still under immense pressure as investors are eagerly awaiting the Bank of England’s interest rate decision. Almost all analysts believe the bank will inevitably slash the rates; the only question that remains is when.

A speech from FOMC Member Esther George and the US Labor Market Conditions Index, both of which are scheduled for 14:00 GMT will influence the pair today.

Resistance: 1.30189, 1.31105, 1.32047
Support: 1.29073, 1.28367, 1.27958

USD/JPY

USDJPY july 11

The Japanese currency strengthened somewhat against US dollar during Friday’s session, with the Brexit being the main catalyst. Because investors are understandably concerned about the British economy, they are flocking to the JPY, which is known to act as a safe haven. This comes despite a much better than expected NFP report, with the number of those employed rising 287K, soundly beating the anticipated 175K. However, it seems as if Friday’s positive NFP results are now influencing the pair as it is currently listed at 101.88, up 1.28%.

Resistance: 101.903, 102.189, 102.476
Support: 101.226, 100.916, 100.584

 

Stock Market

FTSE Futures

FTSE july 11

Major stock indexes across Europe including the FTSE 100 grew strongly on Friday thanks to better than anticipated US labor data and solid share growth, primarily within the banking sector. Additionally, the IMF increased its forecasts for the region’s economy. However trading conditions leading up to July 14 will be more volatile as investors are eagerly awaiting the Bank of England’s interest rate decision. It is important to point out earnings season starts today.

Resistance: 6611.20, 6644.00, 6668.30
Support: 6558.80, 6518.60, 6456.80

 

Commodities

GOLD

Gold july 11

The precious metal fell sharply during Friday’s session thanks to the better than anticipated NFP report. However, towards the end of the session gold started to rebound. Gold for the most part should continue to rise as economists do not anticipate any US rate hike in the near future.

Resistance: 1366.46, 1371.08, 1374.95
Support: 1358.81, 1354.41, 1350.53