Daily Market Review — 06/10/2015
Interest Rate Decision of Reserve Bank of Australia Will Be in Focus of the Market Participants
The pair is in a growing trend for the second consecutive session. The growth was supported by negative statistics on the government report on NFP on Friday. Disappointing statistics on the US economy was also released yesterday. According to the data, the ISM Non-Manufacturing index came out at the level of 56.9 against the average forecast at the level of 58. Despite the fact that the index is above $50, it hasn’t been met the predicted values for the third month in a row. Today, the AUD/USD was supported by the decision of the Reserve Bank of Australia on its key interest rates. As it was expected by most analysts, interest rates have remained unchanged. And with that, the accompanying statement stated that the Australian economy is growing moderately. The dynamics of the pair today may be affected by the publication of the data on the US International Trade at 12:30 (GMT). Moreover, the Fed member Williams will have his speech at 21:30 (GMT).
Resistance: 0.7157, 0.7203, 0.7273
Support: 0.7082, 0.7002, 0.6945
After the massive fall of the pair on the negative news on the NFP report on Friday, the USD/CHF recovered a little. This was mainly due to technical factors such as the correction. The dynamics of the pair was pressured yesterday by a release of the ISM Non-Manufacturing index, which fell short of the forecast. Today market participants should pay attention to the publication of data on the Consumer Price Index in Switzerland, which will be released at 07:15 (GMT). The US International Trade will be published at 12:30 (GMT), while at 21:30 (GMT) the FOMC member Williams will have a press conference.
Resistance: 0.9795, 0.9842, 0.9882
Support: 0.9684, 0.9643, 0.9590
During yesterday’s trading session, the major European stock markets showed a very positive trend. This was caused by the growth of the shares of mining companies and decrease of the probability of a rate hike by the Fed in the near future. Some influence also had published final estimate of the Services PMI in the euro zone, which fell short of the forecast of analysts. Today the dynamics of trade can be influenced by data on Factory Orders in Germany, which is scheduled for 06:00 (GMT), as well as a speech of a member of the Federal Open Market Committee John Williams.
Resistance: 6334.87, 6407.89, 6476.92
Support: 6211.41, 6142.37, 6085.29
Light Sweet Crude Oil Futures
The prices for “black gold” confidently climbed up during yesterday’s trading, breaking the level of $46 per barrel. This was supported by the information that Russia was ready to negotiate about the situation on the world oil market. Oil prices were also supported by the tense situation in Syria, where the bombing continues. In addition, Friday’s report from Baker Hughes showed that the number of active rigs in the US last week fell by 26 units. On the other hand, oil prices experience pressure by the information that Saudi Arabia lowered selling prices for consumers in Asia, Europe and the United States. Today market participants will closely follow the data on Crude Oil Inventories in the United States, which is scheduled for 20:30 (GMT).
Resistance: 46.86, 47.29, 48.02
Support: 45.80, 44.57, 43.68