Daily Market Review – 08/08/2016
Switzerland’s CPI will be today’s main event
The pair grew during Friday’s session thanks to a better than anticipated NFP report. 255K new jobs were added as opposed to only 180K. Nevertheless, the unemployment rate remained at 4.9%, while analysts expected it to decline to 4.8%. Today, Switzerland’s CPI will impact the market along with the US Labor Market Conditions Index at 7:15 and 14:00 GMT respectively.
Resistance: 0.9827, 0.9867, 0.9906
Support: 0.9749, 0.9718, 0.9688
The pair trended downwards on Friday thanks to the Reserve Bank of Australia’s decision to cut the rates, with low inflation being the primary cause. Additionally, the Euro dropped after poor Germany factory orders data. This morning Australian labor market data was published, with the number of vacancies falling in July.
Additionally, German Industrial Production came out this morning and met expectations at 0.8%. At 8:30 GMT Eurozone Sentix Investor Confidence will impact the market GMT.
Resistance: 1.4613, 1.4649, 1.4684
Support: 1.4554, 1.4522, 1.4492
Major US stock indexes rose more than 1% on Friday thanks to positive US labor market data. US employment grew more than expected, coming in at 255K. Today so far China’s trade balance exceeded expectations, coming in at 52.31B as opposed to 48.11B. This data should impact the US markets today.
Resistance: 18492.00, 18526.00, 18561.00
Support: 18448.00, 18416.00, 18386.00
Gold fell nearly $25 on Friday after stronger than expected NFP data. Gold has the potential to further drop as many are starting to believe the Fed will raise the rates sooner rather than later.
Resistance: 1340.24, 1345.99, 1353.22
Support: 1330.88, 1324.21, 1317.35