DAILY MARKET REVIEW — 01/03/2017

DAILY MARKET REVIEW — 01/03/2017

 

Fed provided support for the USD

 

Forex

USD/JPY

In the first half of yesterday’s session, the pair showed downward trend. This was due to the positions adjustment before the US officials’ statements. The US GDP for Q4 came out better than expected. Meanwhile, US Fed’s statement provided strong support for the pair.

Today, US real personal consumption will impact the pair. Later today at 15:00 (GMT) US’ ISM Manufacturing PMI will be published.

Resistance: 113,850, 114,162, 114,496
Support: 112,945, 112,536, 112,089

 

EUR/AUD

The euro strengthened against the Australian dollar yesterday due to negative statistics on Australian credits. French GDP at the same time showed growth. Meanwhile, this morning, Australia’s GDP for Q4 2016 was released. Figures were higher than analysts’ expectations, both for quarterly and annual terms.

In addition, the index of manufacturing activity in China, which is the main trading partner of Australia, also rose more than expected. In addition, data on Germany and Eurozone economy put some pressure on EUR.

Resistance: 1,38372, 1,38660, 1,39023
Support: 1,37241, 1,36606, 1,36262

 

Stocks

Nasdaq Futures

The major US stock indexes were under pressure yesterday. This was due to negative US GDP data. Meanwhile, the US consumer confidence index provided support for stocks. In addition, Donald Trump’s statement helped the stocks.

In the future Fed officials’ statements will provide support for the stocks too.

Resistance: 5367,47, 5377,81, 5388,55
Support: 5348,77, 5336,44, 5326,10

 

Commodities

Brent Oil Futures

Oil’s quotations in the first half of the previous day fell on a stronger US dollar. In addition, activity in the US oil industry could exacerbate the imbalance of supply and demand on the world oil market. Meanwhile, the API report showed oil stocks’ growth.

Today, investors will wait for the US Department of Energy report scheduled for 15:30 (GMT).

Resistance: 57,00, 57,40, 57,90
Support: 56,20, 55,80, 55,40

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