Daily Market Review — 21/04/2016

Daily Market Review — 21/04/2016

Earnings reports from Google, Microsoft & Starbucks will be reported at after the U.S. markets close.

Forex

EUR/USD

EURUSD

During yesterday’s trading session the pair dropped significantly, spurred on by purchases of the U.S. currency. It should be noted that this trend came about due to profit-taking on the pair after a superb three-day growth. Today investors should be aware of today’s ECB interest rate decision followed by a press conference. They are scheduled for 11:45 GMT and 12:30 GMT respectively. Most leading experts believe that no significant policy changes will be enacted. It should be noted that the ECB adopted a new stimulus package during last month’s meeting on the 10th of March. Additional impact on the currency pair may come at 12:30 GMT when the weekly U.S. unemployment claims will surface.

Resistance: 1.1300, 1.1330, 1.1355
Support: 1.1275, 1.1245, 1.1215

GBP/JPY

GBPJPY

Yesterday, various differing economic statistics emanating from the U.K. yielded mixed results for the currency pair. Unemployment in the U.K. remained unchanged at 5.1%, but the claimant count change unexpectedly increased to 6700 as opposed to anticipated 11.9 k decline. Additionally, average earnings grew at a slower pace than what was expected. Today, the pair’s dynamic will depend on U.K. retail sales data, scheduled for 8:30 GMT. Most believe this report will prove to be better than expected, which should provide short-term support for the GBP against the major currencies.

Resistance: 158.10, 159.55, 160.85
Support: 155.75, 154.00, 151.90

Stock Market

General Motors (GM)

GeneralMotors

Earnings season continues in the United States. Yesterday, Coca-Cola’s report and the results severley disappointed investors. Today, before the U.S. markets open General Motors (NYSE: GM) will publish its quarterly report. According to forecasts, earnings per share should be $1.01 as opposed to $1.39 for the previous quarter. Quarterly revenue should only reach $35.75 billion as opposed to $39.62 billion in the previous quarter.

Resistance: 32.40, 32.80, 33.20
Support: 31.50, 30.95, 30.40

Commodities

Crude Oil Futures

CrudeOil

Crude oil prices rose significantly during yesterday’s trading session thanks to only a 2.08 million barrel rise in U.S. oil inventories. However, the report indicated that last week’s production volume fell again in the U.S., implying that there may soon be a decrease in demand on the global market.. Today’s dynamics will depend on investor sentiment, which will be dependent upon the USD.

Resistance: 45.00, 46.70, 48.10
Support: 43.60, 42.00, 40.80

Leave a Reply

Your email address will not be published. Required fields are marked *