Daily Market Review – 06/09/2016
Australia Interest Rate Decision was today’s main market mover
The pair spent yesterday trading positively thanks to positive Australian statistics. Thus, the Australian labor market is showing a moderate recovery. Additionally, inflation expectations have risen in the last month.
This morning Australia Interest Rate Decision was announced, with no changes made as most analysts expected. The Australian dollar strengthened significantly against the US dollar against this backdrop.
The U.S. ISM Non-Manufacturing Business Activity scheduled for 14:00 (GMT) will impact the pair later today.
Resistance: 0.7653, 0.7688, 0.7720
Support: 0.7598, 0.7560, 0.7515
The euro fell slightly against the US dollar after weak statistics on the European economy. Service PMI’s in France, Germany and Eurozone were below most analysts’ forecasts. However, the Eurozone Retail Sales grew in July.
Today, Eurozone GDP data, scheduled for 9:00 GMT will impact the pair. Additionally, at 13:45 GMT will be the U.S. Services PMI.
Resistance: 1.1182, 1.1219, 1.1247
Support: 1.1129, 1.1092, 1.1050
Major stock indexes across Europe grew significantly yesterday thanks to a rise in oil prices. Positive statistics on the region’s economy also supported the FTSE, especially with a better than expected U.K. Services PMI.
Today’s dynamics will depend on investor sentiment.
Resistance: 6921.70, 6945.20, 6970.00
Support: 6865.30, 6840.00, 6813.00
Brent Oil Futures
“Black gold” grew strongly yesterday as Saudi Arabia and Russia agreed to cooperate in the world oil markets as both are going to limit output in future. Meanwhile, after a speech from the Minister of Energy of Saudi Arabia, the dynamics changed dramatically. He said that there is no need to limit production now.
Today, US oil stocks data will impact the market.
Resistance: 48.40, 49.08, 49.65
Support: 47.20, 46.53, 45.92