Daily Market Review — 03/09/2015

Daily Market Review — 03/09/2015

Markets Wait For ECB Decision

Forex

EUR/USD

EURUSD

The pair spent yesterday’s trading session in a negative trend. During yesterday’s European session the producer price index in the euro area was published, which was exactly in line with analysts’ forecasts. As market approaching Friday, the day of the NFP release, trades become less volatile. Today, market participants’ attention will be drawn to the final data on the Services PMI in France, Germany and the Eurozone. At 09:00 (GMT) markets will be focused on the retail sales data release in the Eurozone. But the main event for the European single currency will certainly be the announcement of the ECB’s decision on key interest rates, which will be followed by a press conference of the head of the bank, scheduled for 11:45 (GMT) and 12:00 (GMT), respectively. As to the US economy, the initial jobless claims report will be released today at 12:30 (GMT).

Resistance: 1.1263, 1.1332, 1.1396

Support: 1.1155, 1.1079, 1.1017

 

AUDUSD

AUDUSD

Yesterday the pair opened trading day with drop against the publication of GDP data for Australia. According to published statistics, GDP grew, but at a slower pace than expected. Today, as the pair began with negative dynamics. Early in the morning the statistics on retail sales in Australia were published. Retail sales fell last month by 0.1% against the average forecast at + 0.4%. The deficit of the trade balance declined slightly, showing –2.46 billion AUD against the average forecast of –3.1 billion. This put pressure on the Australian currency. Today’s attention of the players will be focused on the US initial jobless claims report at 12:30 (GMT).

Resistance: 0.7065, 0.7151, 0.7203

Support: 0.6982, 0.6945, 0.6915

 

Stock Market

DAX Futures

DAX

Throughout yesterday’s session the main European stock markets recovered losses suffered the day before against the backdrop of clear signs of slowing of the Chinese economy. Some support also came from the PPC in the Eurozone, as well as the index of business activity in the UK construction industry. The first indicator came out in line with forecasts, but the second, despite showing an increase, was at a level below the forecasted values. Today, the dynamics of stock indices may be influenced by the Services PMI reports in France, Germany and the Eurozone as a whole. Investors are eagerly awaiting Friday’s employment report in the US, as published data are more likely to allow them to predict timing of the first rate hike in the United States.

Resistance: 10313.44, 106654.15, 10810.00

Support: 9882.12, 9715.39, 9316.69

 

Commodities

GOLD

Gold

During yesterday’s trading session, gold prices were pressured by the recovery of stock markets, as well as general strengthening of the US currency. Recently gold was in demand as a safe-haven asset. After the publication of positive statistics on the US economy, gold prices have updated the lows of yesterday’s session. According to data, labor productivity rose to a level of 3.3% against an average forecast of 2.8%. Data on the number of employees from ADP showed a mixed picture. The indicator was 190K against the forecast of 201K. Today, investors will wait for the publication of the initial jobless claims in the United States at 12:30 (GMT), and tomorrow all eyes will be on the government’s employment report, namely NFP.

Resistance: 1142.29, 1147.70, 1156.43

Support: 1129.08, 1120.95, 1109.56