Daily Market Review — 08/06/2016
New Zealand’s interest rate decision will heavily impact the markets.
The US dollar is still feeling the effects of Friday’s disastrous NFP report despite the fact that Janet Yellen’s speech provided some support to the currency. Today investors should pay attention to the Bank of New Zealand’s interest rate decision, scheduled for 21:00 GMT, with Governor Wheeler’s press-conference following at 23:00 GMT. According to most experts no changes are anticipated.
Resistance: 0.7014, 0.7054, 0.7103
Support: 0.6946, 0.6893, 0.6841
The pair demonstrated significant growth yesterday thanks to the results of another Brexit poll. Currently the majority of Britons feel the country should remain within the EU and the referendum is scheduled for June 23. Meanwhile, today’s trading dynamics will depend on the UK’s industrial and manufacturing production data, both of which are scheduled for 8:30 GMT.
Resistance: 1.4606, 1.4661, 1.4724
Support: 1.4530, 1.4471, 1.4530
European stock markets rose during yesterday’s session, spurred on by rising crude oil prices. Additionally, better than expected Eurozone GDP data positively influenced the markets. Today the markets and this index in particular will be impacted by the results of China’s trade balance, which fell well short of expectations.
Resistance: 10312.86, 10369.31, 10416.62
Support: 10217.00, 10171.19, 10111.55
Brent Oil Futures
Oil prices yesterday rose to an eight month high as attacks in Nigeria disrupted supplies on a global level. Additionally, oil production declined slightly in the United States along with a falling USD provided further support. Raw materials in the US decreased by 3.56 million barrels last week. Today’s trading dynamics will heavily depend on the US Department of Energy’s weekly report at 14:30 GMT.
Resistance: 52.10, 52.81, 53.60
Support: 51.20, 50.69, 50.15