Daily Market Review – 30/08/2016
Eurozone economic statistics will be today’s main market mover
The US dollar continued to grow after the Fed said it could raise interest rates twice this year. Additionally, the US regulator said there is a possibility of monetary tightening in September, but they will take that into consideration only after Friday’s NFP report.
Meanwhile today at 9:00 GMT there will be important data on the Eurozone Services Sentiment. Furthermore, traders are waiting for the German CPI, scheduled for 12:00 GMT.
Resistance: 1.1190, 1.1222, 1.1255
Support: 1.1157, 1.1122, 1.1093
The Australian dollar recovered all of Friday’s losses that were caused by Janet Yellen’s statement. Yesterday’s US Real Personal Consumption report, which matched analysts’ forecasts provided some support for the pair.
Today’s dynamics will ultimately depend on the US CB Consumer Confidence, scheduled for 14:00 (GMT).
Resistance: 0.7586, 0.7620, 0.7652
Support: 0.7540, 0.7506, 0.7474
Major stock indexes across Europe fell yesterday as shares of energy companies showed decline. Today, data on Eurozone industrial and services sentiment will be published today at 09:00 (GMT). Meanwhile, investors may tend to take fewer risks with Friday’s NFP report coming up.
Resistance: 6809.00, 6838.40, 6871.70
Support: 6777.10, 6750.20, 6722.10
Brent Oil Futures
Oil fell by almost 2% yesterday. The drop-off was caused by the reported increase in production in the Middle East. Iraq’s oil minister renewed calls for local and international oil companies in Iraq to increase production. Furthermore, he announced plans to double storage capacity at the country’s southern export terminals to 24 million barrels in the “coming years” from the current 12 million barrels.
Today, data on oil stocks from American Petroleum Institute scheduled for 21:35 (GMT) will almost definitely impact the market.
Resistance: 49.85, 50.42, 50.98
Support: 49.10, 48.47, 47.86