13:46:06 GMT
Forgot Password? Click Here

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