Daily Market Review – 03/08/2016
European economic statistics will be today’s highlight
The pair traded positively yesterday, with the Bank of England’s interest rate meeting (scheduled for tomorrow) occupying the minds of all investors. Against this background, market participants preferred to take profits after a significant growth.
Meanwhile, today’s dynamics will ultimately depend on the U.K. Services PMI and Eurozone Retail Sales data, scheduled for 8:30 and 9:00 GMT respectively.
Resistance: 0.8425, 0.8468, 0.8508
Support: 0.8397, 0.8355, 0.8309
The Japanese currency grew significantly yesterday as the Bank of Japan’s stimulus package was not what investors expected. Meanwhile, data on personal income and spending in the US came out with mixed results.
Today, the U.S. ADP Non-Farm Employment Change scheduled for 12:15 GMT should impact the markets along with the US ISM Non-Manufacturing PMI at 14:00 GMT.
Resistance: 101.96, 102.82, 103.93
Support: 100.68, 99.99, 99.04
British-based banking company HSBC reported $3.61 million in profit before tax for the second quarter on Wednesday, a severe drop from the preceding quarter’s $6.11 billion number. The company however, announced a $2.5 billion share buyback plan, which ultimately sent shares higher. As of now it is listed at 498.58 GBX (+3.26%).
Resistance: 506.471, 513.032, 520.322
Support: 490.190, 482.413, 476.824
Brent Oil Futures
Oil rose during the first half of yesterday’s trading thanks to the US currency weakening. Oil inventories in the US decreased according to the Petroleum Institute’s data. Today, the US Department of Energy will publish the same report at 14:30 (GMT).
Resistance: 42.50, 43.15, 43.84
Support: 41.50, 40.78, 40.11