DAILY MARKET REVIEW — 01/11/2016
China’s Manufacturing PMI is today’s main event
Yesterday, the pair showed an upward trend, as traders were waiting for central bank’ decision on monetary policy. It turned out that the bank heads decided to keep the monetary policy settings unchanged.
Meanwhile, China’s economic statistics provided support for the Australian currency. China’s Manufacturing PMI also showed signs of growth.
Further pair’s dynamics will depend on the investors’ openness to risk.
Resistance: 80.889, 81.297, 81.624
Support: 80.303, 79.994, 79.714
The pair showed a sharp fall yesterday morning, after data on New Zealand’s index of confidence in the business community. But, after the publication of US statistics, the pair stopped its downward trend.
U.S. ISM Manufacturing PMI, scheduled for 14:00 (GMT), will impact the markets. Later today at 21:45 (GMT), data on New Zealand labor market will be published.
Resistance: 0.71904, 0.72072, 0.72229
Support: 0.71591, 0.71372, 0.71080
Sony Corp (SNE)
Sony Corporation will present its quarterly report today before the market opens. However, traders will pay a lot of attention to full-year earnings and sales volume. If the forecasts are spot on, the share price may rise to $32.00.
Resistance: 31.45, 31.75, 31.99
Support: 31.12, 30.72, 30.26
Brent Oil Futures
Yesterday, oil’s quotations fell by more than $2, as a result of a less than fruitful OPEC meeting.
Today, the trade dynamics will depend on the US inventory report, scheduled for 20:30 (GMT).
Resistance: 49.20, 49.76, 50.33
Support: 48.42, 47.77, 47.16