DAILY MARKET REVIEW — 03/11/2016

DAILY MARKET REVIEW — 03/11/2016

 

US economic statistic will be today’s market mover

 

Forex

GBP/USD

GBPUSD

The pair showed some growth yesterday, in anticipation of the UK High Court meeting. Verdict on Thursday will determine whether or not the UK’s decision to leave European Union must be subject to a vote by parliament. Additionally, the U.K Construction PMI also provided some support for the pair.

On the other hand, the U.S ADP Nonfarm Employment Change report came out worse than expected, providing more room for the pair’s growth.

Later today, the Bank of England will announce its decision on monetary policy. Unemployment Claims and ISM Non-Manufacturing PMI reports from the U.S will also impact the pair.

Resistance: 1.23636, 1.23992, 1.24486
Support: 1.23237, 1.22945, 1.22610

EUR/USD

EURUSD

Yesterday, the pair was in an upward trend, thanks to positive statistics on the German labor market. However, the dynamics of the pair changed after the Fed’s decision to keep interest rate unchanged. Meanwhile, the regulator didn’t rule out the possibility of a policy tightening in the near future.

Today, the trade dynamics will depend on Eurozone’s unemployment rate. Also, the US’ economic reports scheduled for today will have repercussions on the pair. Friday’s NFP is another highly important report.

Resistance: 1.11240, 1.11518, 1.11798
Support: 1.10675, 1.10375, 1.10025

 

Stock Market

Las Vegas Sands Corp (LVS)

Las Vegas Sands

The largest casino operator and resort company, Las Vegas Sands Corp, will publish its quarterly report today. According to analysts’ expectations, earnings per share may rise to $0.60 and total revenue may reach the $2.77 billion mark. If the actual data exceeds the predicted values, the share price may rise to $59.00.

Resistance: 58.00, 58.50, 59.00
Support: 57.14, 56.77, 56.40

 

Commodities

Brent Oil Futures

BrentOil

Oil showed downtrend yesterday and reached a one month low. The reason: the US crude oil inventories report. As a conclusion, the stocks grew to 14.42 million barrels, exceeding the forecast of $1.01 million. Meanwhile, oil rebounded at the end of yesterday’s session, as attacks affected the Nigeria oil production.

Today, oil dynamics will depend on the USD.

Resistance: 47.48, 48.44, 49.20
Support: 46.50, 45.75, 45.04

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