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DAILY MARKET REVIEW — 11/01/2017

Donald Trump’s press conference will be today’s main event

 

Forex

EUR/USD

EURUSD jan 11

The US dollar recovered all loses at the end of yesterday’s session as the dollar strengthened. However, French Industrial Production came out at 2.2% as opposed to a forecast of 0.6%, which provided key support for the euro.

Today, traders should pay attention to Donald Trump’s press conference scheduled for 16:00 GMT.

Resistance: 1.05752, 1.06144, 1.06507
Support: 1.05103, 1.04470, 1.04093

USD/JPY

USDJPY jan 11

The pair traded with mixed dynamics yesterday. Japan’s Consumer Confidence Index for December 2016 came out much better than expected and subsequently helped JPY.

At the same time, Japan Coincident Indicator and Japan’s Leading Index were published today. Both were slightly above the average experts’ forecasts. Further dynamics will depend mostly on Donald Trump’s speech, scheduled for 16:00 GMT.

Resistance: 116.420, 117.041, 117.525
Support: 115.567, 115.071, 114.562

 

Stocks

DAX Futures

DAX jan 11

Major stock indices finished strong thanks to solid UK and French economic statistics. UK retail sales grew by 1% in December 2016 and France’s Industrial Production came out better than expected.

Today, traders should pay close attention to the UK Industrial Production, scheduled for 9:30 GMT.

Resistance: 11593.88, 11615.84, 11629.51
Support: 11554.53, 11535.06, 11518.49

 

Commodities

GOLD

Gold jan 11

Gold closed at a six-week high as short positions closed. Additionally, physical demand for the precious metal is growing as the Chinese New Year approaches. Donald Trump’s press conference at 16:00 GMT should provide significant impact.

Resistance: 1194.71, 1202.93, 1214.98
Support: 1186.09, 1179.45, 1173.75