DAILY MARKET REVIEW — 07/03/2017

DAILY MARKET REVIEW — 07/03/2017

 

NFP is the main market mover

 

Forex

GBP/USD

The British currency continues to go down on a wide spectrum of the market. The reason for this is the upcoming Brexit procedure. At the moment, the procedure needs to be approved by the British Parliament.

Meanwhile, UK’s budget provided support for the pair. Nevertheless, data on US labor market from ADP put some pressure on the pair. Along with this, investors are waiting for tomorrow’s NFP report.

Resistance: 1,21837, 1,22122, 1,22415
Support: 1,21218, 1,20897, 1,20551

AUD/USD

The last two days were negative for the Australian currency. Mixed statistics on the Chinese economy were published today and yesterday and that impacted the pair, since China is one of Australia’s biggest trading partners.

The trade balance and consumer prices came out worse than expected. In addition, the pressure on the pair contributed to the appreciation of the US currency against the backdrop of positive statistics on the labor market. Today at 13:30 (GMT) the next report on the US labor market will be published. Nevertheless, the main event will be the NFP report.

Resistance: 0,75430, 0,75697, 0,76083
Support: 0,74920, 0,74637, 0,74310

 

Stocks

S&P500 Futures

The major stock indexes closed yesterday’s session in the red zone. The reason for this was the collapse of oil quotes after the publication of the report on reserves in the US. This put serious pressure on the share price of energy companies. Meanwhile, further decline was hampered by positive data on the US labor market. Today trading volumes promise to be lower than usual, as investors will be waiting for the NFP report.

Resistance: 2366,20, 2370,00, 2373,90
Support: 2360,00, 2356,90, 2353,80

 

Commodities

GOLD

Yesterday, precious metal quotations were under pressure against the background of positive US statistics. The latest data sharply increased the chances of raising rates at the next Fed meeting. Against this background, investors will get rid of assets that do not bring interest income. Such assets include gold, which, however, is better than others because it retains its value during political and economic crises. Today and tomorrow, all investors’ attention will be focused on US data.

Resistance: 1211,34, 1218,30, 1225,65
Support: 1200,00, 1195,50, 1190,00

 

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