Daily Market Review – 02/10/2015
Non-Farm Payrolls Is the Main Highlight of the Day
In yesterday’s trading the pair showed mixed trends, but as a result the session was closed in favor of the European single currency. The dynamics of the pair was affected by data on manufacturing activity in Germany, France and the euro area as a whole. According to the data, the final estimate of several indicators fell short of the predicted values. The American statistics was mixed. The Initial Jobless Claims rose to the level of 277,000 against the forecast of 270,000. The ISM Manufacturing index fell slightly to a level of 50.2 against analysts’ expectations at 50.6. During his speech today the President of the ECB Mario Draghi noted clear progress in economic recovery of the Eurozone. Pay special attention today to the release of a government report on the US labor market (NFP) at 12:30 (GMT).
Resistance: 1.1209, 1.1282, 1.1329
Support: 1.1136, 1.1085, 1.1041
Yesterday the pair traded with a positive trend. This was caused by relatively positive statistics from China, where the Manufacturing PMI was higher than the forecasts. Recall that Australia is the largest trading partner of the “Middle Kingdom”. Therefore, the Australian currency yesterday gained impetus for growth. This morning was released data on Retail Sales in Australia, which rose in August by 0.4% and met the expectations of analysts. Today, the focus of market participants will be on data on the US labor market. The highly anticipated NFP report will be released at 12:30 (GMT).
Resistance: 0.7083, 0.7142, 0.7203
Support: 0.6997, 0.6945, 0.6907
Yesterday’s trading session, the major European stock exchanges were experiencing a negative dynamics. Despite the positive data on business activity in the manufacturing sector in China, which supported shares of mining and energy companies, European markets fell after the release of the same indicator for the US economy. Some pressure also had data on European manufacturing activity. And at the same time, investors expect today’s government data on US labor market. NFP, Unemployment Rate and Average Hourly Earnings will be published at 12:30 (GMT).
Resistance: 9706.17, 9783.61, 9854.02
Support: 9443.91, 9362.31, 9301.34
Light Sweet Crude Oil Futures
Quotes of the “black gold” showed yesterday multidirectional dynamics, with fluctuation in the range of about $2. Growth in the early trading session was supported by positive statistics from China, where business activity in the manufacturing sector finally stabilized. It added optimism on the oil market, since China is the world’s second largest consumer of raw materials. Oil prices were also supported by a message the hurricane “Joaquin” is approaching US and can cause temporary shutdown of some refineries. And with that, oil prices declined in the second half of the session. Investors remained concerned about oversupply in the world market. Although there has been some slowdown in production in the US, it seems that other oil-producing countries have no intention to reduce their volumes in order to keep their market share in the world oil market.
Resistance: 45.67, 46.30, 47.02
Support: 44.59, 44.26, 43.66