DAILY MARKET REVIEW — 01/12/2016

DAILY MARKET REVIEW — 01/12/2016

OPEC meeting will impact all markets

Forex

USD/RUB

USDRUB dec 1

The ruble strengthened significantly against the US dollar yesterday as oil prices rose. At the same time exporters have sold their foreign exchange earnings, thereby reducing the US dollar’s value.

Today’s dynamics will depend on the oil market.

Resistance: 63,2832, 63,9372, 64,4884
Support: 62,5630, 62,0633, 61,6076

AUD/USD

AUDUSD dec 1

Yesterday the pair fell after a slew of positive US statistics. The US ADP Non-Farm Employment Change grew more than expected along with the Manufacturing PMI. So far today China’s Manufacturing and Service PMIs came out higher than expected.

Today’s dynamics will depend on American statistics. However, investors will look toward tomorrow’s NFP report.

Resistance: 0,74169, 0,74462, 0,74881
Support: 0,73744, 0,73437, 0,73109

 

Stock Markets

S&P500 Futures

SP500 dec 1

Yesterday, almost all US stocks declined slightly, driven by profit-taking after significant growth. However, increased oil prices provided some support for stocks. Data on the US labor market additionally helped stocks.

Today’s dynamics will depend on investor behavior.

Resistance: 2197,70, 2202,40, 2206,70
Support: 2191,70, 2186,90, 2180,30

 

Commodities

Brent Oil Futures

BrentOil dec 1

Oil rose yesterday by 12% after it became known that the OPEC agreed to cut production by 1.2 million barrels per day. At the same time system of quotas for each participating country was presented. The total quota for the entire cartel is 32.5 million barrels. Meanwhile, Russia and other oil-producing countries also agreed to reduce production. However, this agreement enters into force only in January 2016.

According to analysts’ expectations, this agreement will contribute to reducing oversupply on the world oil market.

Resistance: 53,00, 53,60, 54,11
Support: 51,59, 50,85, 50,15

 

Daily Market Review — 07/03/2016

Daily Market Review — 07/03/2016

Japan GDP will be the main event today

Forex

USD/JPY

USDJPY

At Friday’s session the pair showed mixed trends. This was mainly due to the long-awaited publication of the NFP report. Thus, according to the data presented, the number of new jobs has increased to 242 thousand against the average analyst forecast of 190 thousand. The unemployment rate unchanged as it was forecasted. Nevertheless, the growth of wages in the past month declined slightly. Investors started to buy dollar immediately after the publication, but later the US currency recovered lost positions. Today, US Federal Reserve leaders’ statement (17:00 (GMT)) may influence pair’s dynamics. In addition, the final estimate of Japan GDP will be presented today at 23:50 (GMT).

Resistance: 114.26, 114.90, 115.55
Support: 113.33, 112.89, 112.30

EUR/JPY

EURJPY

The euro rose against the Japanese currency at Friday’s session. Low demand for the yen was due to the growth of stock markets and oil prices. The current dynamics of the pair will largely depend on the situation in the world’s stock markets. Meanwhile, Germany factory orders, which were published at 07:00 (GMT), may provide some impact. Also, the focus of market participants will be on the Eurozone Sentix investor confidence at 09:30 (GMT). This week ECB meeting to be held and the euro’s future will depend on this meeting.

Resistance: 125.79, 126.36, 127.09
Support: 124.36, 123.06, 122.07

 

Stock Market

FTSE Futures

FTSE

Major stock exchanges in Europe during Friday’s trading rose slightly, aided by the published statistics on the region’s economy. Thus, the index of business activity in the construction sector in Germany has risen to almost the maximum in the history of such statistics. Also, the same indicator for the Eurozone retail sphere showed strong growth. However, this week investors will pay attention to ECB meeting scheduled for March 10.

Resistance: 6193.23, 6239.97, 6299.36
Support: 3114.17, 6032.40, 5960.53

 

Commodities

GOLD

Gold

During Friday’s trading day, the price of gold showed a volatile trend, which was caused by the publication mixed NFP data. Thus, the NFP figure raised more than it expected most of the experts, the unemployment rate remained unchanged, while wage growth unexpectedly fell. This provoked a rising of gold prices to 12 months highs. Since the beginning of this year, gold prices rose 20% amid weakening American currency. Today, US Federal Reserve leaders’ statement which is scheduled for 17:00 (GMT) will influence the market.

Resistance: 1267.93, 1279.35, 1290.79
Support: 1256.32, 1246.25, 1232.43

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