DAILY MARKET REVIEW — 02/11/2016
U.S’ ADP non-farm employment change will be today’s main event
Yesterday, the AUD significantly strengthened against its US counterpart, due to the Reserve Bank of Australia’s decision to leave the interest rates unchanged. Meanwhile, US manufacturing PMI came out much better than expected, showing a rise of 8.7%, in comparison to the 3% forecast.
This morning, Australia’s building approvals report was published, which came in worse than expected.
Today at 12:15 (GMT) the US labor market report will be published. More important for traders will be Fed’s interest rate decision and the subsequent FOMC statement. Both are scheduled for 18:00 (GMT).
Resistance: 0.76569, 0.76878, 0.77078
Support: 0.76110, 0.75863, 0.75572
Because traders started to buy EUR as a protective measure, the pair showed a sharp growth during yesterday’s session. Bank of Japan’s decision to leave interest rates unchanged also impacted the market. In addition, the regulator lowered forecasts for Japan inflation for the next two financial years.
Today, data on Germany unemployment rate will impact the markets.
Resistance: 115.000, 115.315, 115.660
Support: 114.507, 114.152, 113.689
Facebook Inc (FB)
Facebook will publish its quarterly report today. According to leading analysts, its earnings per share should reach $0.97 with total revenue at $6.88 billion. If the forecasts are spot on, its share price could rise to $132.00.
Resistance: 129.90, 130.57, 131.08
Support: 129.00, 128.23, 127.30
Because of the USD’s decline, gold’s quotes reached a one-month high. The US currency fell, as traders were waiting for Fed’s decision on interest rates. In addition, gold’s direction is highly dependant on the US’ presidential election result.
Today, the trade dynamics will depend on the American economic statistics and on the decision of the US regulator’s monetary policy.
Resistance: 1300.00, 1306.19, 1312.19
Support: 1291.54, 1286.85, 1282.25