Daily Market Review – 04/08/2016
Bank of England’s interest rate decision is today’s most important event
The pair traded with mixed results during the day but ultimately closed with a fall, thanks to a U.K. Services PMI that came out worse than expected. Today, investors are eagerly awaiting the Bank of England’s interest rate decision at 11:00 GMT. Leading analysts believe that national interest rate will be reduced from 0.5% to 0.25%. At the same time, traders will look to tomorrow’s NFP report scheduled for 12:30 GMT.
Resistance: 1.3370, 1.3419, 1.3476
Support: 1.3278, 1.3215, 1.3160
The Australian currency fell slightly against the US dollar yesterday, with the Chinese Services PMI putting some pressure on the pair. The US dollar received some support yesterday after the US services PMI publication that came out better than expected.
Today, the pair should be impacted by US labor market data at 12:30 GMT.
Resistance: 0.7636, 0.7673, 0.7718
Support: 0.7578, 0.7547, 0.7511
Teva Pharmaceutical Industries Ltd. will publish its quarterly report today after the markets close. According to most forecasts its earnings per share will be $1.20, with $4.81 billion in total revenue. If the actual figures match or exceed expectations its share price may rise to $55.00.
Resistance: 54.69, 55.81, 56.41
Support: 52.60, 51.86, 51.23
Gold lost almost $10 yesterday thanks to the strengthening of the USD after a slew of positive data. Today’s trading dynamics will depend on US labor market data scheduled for 12:30 GMT and of course tomorrow’s NFP report also at 12:30 GMT.
Resistance: 1354.58, 1359.97, 1368.74
Support: 1346.74, 1340.37, 1333.80