Daily Market Review — 02/07/2015
It’s All About Nonfarm Payrolls Today
Yesterday data from US ADP Employment Report turned out to be stronger than analysts’ forecasts (forecast: 220K, fact: 237K) and increased the pressure on the European single currency.
Today investors wait for the US Nonfarm Payrolls report at 12:30 GMT, which reflect statistics of jobs in non-agricultural sectors of the economy. Until this release any huge activity on the market is very unlikely.
All the talks between Greece and its creditors were suspended until the referendum on July 5. If data on the US labor market will be positive, this will lead to the weakening of the euro with the immediate target at 1.0950.
Resistance: 1.1150; 1.1275–1.1280; 1.1410; 1.1435–1.1450; 1.1466; 1.1500; 1.1750.
Support: 1.1030; 1.0950; 1.0915–1.0900; 1.0885; 1.0815–1.0800.
The market opened with the continued fall of the Russian ruble. Immediate resistance lies at 55.75; its passage will give impetus to further growth to the 57.00–57.05.
Resistance: 55.72–55.75; 57.05; 57.40–57.50; 60.00.
Support: 55.05–55.00; 53.50; 52.75–52.50; 52.00; 50.00.
S&P500 (Futures SP500 E-mini)
The broad market index showed growth yesterday, which can be viewed as a local correction from a June 22nd fall.
All attention today will be focused on the release of macroeconomic statistics in the US: the number of new jobs created in non-agricultural sectors (NFP) and Unemployment Rate at 12:30 GMT. Analysts forecast the NFP will show a 232K increase, and such strong data will be taken into account by the FOMC in the process of making a decision about raising rates, which, will make the market fall as result.
Resistance: 2080–2090; 2109–2110; 2122; 2133–2133.50.
Support: 2060; 2050–2047; 2033; 2000.
There are two main reasons for the fall in gold prices: the general strengthening of the US dollar and the faith of investors in the upcoming resolution of the Greek debt problems. From the technical point of view, the immediate goal is 1131.50, a five-year minimum from 2010.
Resistance: 1175; 1188.00; 1200.00; 1205.70; 1232.00; 1240.00.
Support: 1163.00–1162.70; 1150.00; 1143.00; 1131.50.