Daily Market Review – 06/09/2016
ECB interest rate decision will be today’s newsmaker
Yesterday the pair traded in a narrow range due to a lack of important economic statistics. However, the U.S. JOLTs Job Openings came out better than expected, which put some pressure on the pair.
Today at 11:45 GMT traders should pay attention to the ECB interest rate decision. Most analysts believe that the central bank will not change the rates. At 12:30 GMT will be the highly important press conference, which will definitely influence the pair.
Resistance: 1.1270, 1.1302, 1.1339
Support: 1.1208, 1.1176, 1.1138
The pair fell slightly yesterday morning after a worse than expected Q2 Australian GDP. However, losses were recovered during the day. This morning thus far, the Australian currency went up after solid Australian export and import data. Exports grew by 3%, while imports showed zero changes. Additionally, China published its important and export data and both came out better than expected. Both reports caused the pair to grow moderately this morning.
Today at 12:30 GMT will be important weekly US labor market data.
Resistance: 0.7688, 0.7720, 0.7747
Support: 0.7650, 0.7598, 0.7560
S&P 500 Futures
Yesterday most US stock indexes showed almost zero change. Meanwhile, the Fed’s Beige Book report was published yesterday, which showed that most US states are growing moderately and employment grew at a solid pace. The upcoming ECB rate decision will influence the markets today.
Resistance: 2187.20, 2188.90, 2190.80
Support: 2182.50, 2180.30, 2178.40
Brent Oil Futures
Oil grew by 1% yesterday after Iran agreed to support the initiative on freezing oil output. OPEC member countries will be meeting at the end of the month in Algeria at the International Energy Forum. Most investors are skeptical that output will be diminished. Today’s trading dynamics will depend on the US Department of Energy’s report on oil stocks, scheduled for 15:00 GMT.
Resistance: 48.92, 49.65, 50.25
Support: 47.98, 47.20, 46.53