Daily Market Review – 01/08/2016
US ISM Manufacturing PMI will be today’s main event
The pair grew significantly during Friday’s session thanks to negative US GDP Q2 data (actual 1.2% vs forecast 2.6%). Meanwhile, the pair has so far risen this morning after China’s Manufacturing PMI.
Today’s US ISM Manufacturing PMI, scheduled for 14:00 (GMT) should impact the market.
Resistance: 0.7617, 0.7644, 0.7673
Support: 0.7564, 0.7533, 0.7508
The British currency rose against the US dollar on Friday due to weak US GDP Q2 2016 data, along with a worse than anticipated U.S. Michigan Consumer Sentiment (90 vs 90.5).
Today’s dynamics should depend on UK Manufacturing PMI and the US ISM Manufacturing PMI, scheduled for 8:30 and 13:45 GMT respectively.
Resistance: 1.3290, 1.3368, 1.3447
Support: 1.3151, 1.3079, 1.3018
Major stock indexes throughout Europe including the FTSE 100 increased last Friday helped by share growth in the banking sector. Additionally, poor US GDP data and better than expected CPI data from the Eurozone provided some support.
Today’s stock market dynamics will depend on scheduled quarterly reports.
Resistance: 6722.10, 6776.50, 6822.50
Support: 6636.40, 6557.70, 6458.10
Brent Oil Futures
Oil prices fell to $42.52 per barrel last Friday, thanks to increased concerns about global oversupply. Additionally, negative US GDP data impacted market. Prices especially fell during the second half of the day because of contract expiries low prices and the expiration of the contracts.
Resistance: 44.52, 45.30, 45.90
Support: 43.15, 42.50, 41.84