Daily Market Review – 01/09/2016
China Manufacturing PMI was today’s main market mover
The pair was caught in a downward trend yesterday as US statistics came out better than expected. Thus, the U.S. ADP Non-Farm Employment Change was 177 thousand, 2K better than the forecast. Additionally, results for the previous period have been revised upwards. Meanwhile today, Chinese Manufacturing PMI came in better than expected, providing support for the AUD as China and Australia are major trading partners.
At the same time, further dynamics of the pair will depend on US Labor Market data scheduled for 12:30 (GMT). Later today at 14:00 (GMT) U.S. ISM Manufacturing PMI will be published.
Resistance: 0.7552, 0.7581, 0.7613
Support: 0.7500, 0.7478, 0.7453
Yesterday, the pair traded in a narrow range as investors are careful awaiting for today’s publication of the US labor market statistic, scheduled for 12:30 GMT. The main market-mover, the NFP will be published tomorrow at 12:30 GMT.
Today’s data on Switzerland Retail Sales scheduled for 7:15 (GMT) will impact the pair. Additionally, traders should pay attention to US statistics, scheduled to start at 12:30 GMT.
Resistance: 0.9860, 0.9893, 0.9926
Support: 0.9815, 0.9770, 0.9732
Major US stock indexes fell yesterday, assisted by falling oil prices. However, US labor market data did provide some support.
Meanwhile, better than expected data on Chinse Manufacturing PMI provided support for global stock markets. However, investors are waiting for tomorrow’s NFP, which will provide the greatest impact.
Resistance: 4792.16, 4805.06, 4816.09
Support: 4779.84, 4771.11, 4759.50
Brent Oil Futures
Oil fell to $35 yesterday after data on US inventories showed significant growth. Stocks grew by 2.3 million barrels against expectations of 1.3 million. Moreover, a gradual rise in the USD hike put additional pressure on oil. Meanwhile, markets are waiting for the upcoming OPEC meeting in Algeria scheduled for September 2016.
Resistance: 47.62, 48.51, 49.85
Support: 46.74, 45.70, 44.71