DAILY MARKET REVIEW — 08/12/2016
Oil rules the markets again
The pair showed some growth during the first half of yesterday’s trading session thanks to poor Australian Q3 GDP. However, Germany’s industrial production fell more than expected.
Nevertheless, traders are waiting for the ECB’s meeting scheduled for later on today.
Resistance: 1.44357, 1.44985, 1.45573
Support: 1.43421, 1.42861, 1.42337
The pair rose slightly yesterday despite negative Australian statistics.
Today’s, Australian trade balance came out worse than what was anticipated. Additionally, China’s imports and exports numbers increased last month.
Today’s US labor market data, scheduled for 13:30 GMT will impact the market.
Resistance: 0.75074, 0.75234, 0.75514
Support: 0.74724, 0.74440, 0.74163
The major stock indexes in Europe grew yesterday as traders are waiting for the ECB meeting. Meanwhile, German and UK industrial production data impacted the stocks.
Today, the ECB monetary policy decision will be today’s main market mover.
Resistance: 6936.60, 6955.70, 6978.70
Support: 6871.40, 6843.50, 6810.90
Brent Oil Futures
Oil quotations lost about 1% yesterday due to mixed data on US oil stocks. The US Department of Energy report showed that inventories fell by 2.38 million.
Meanwhile, according to the latest data, the world’s largest oil producers extracted the maximum amount of oil over the past month. In the near future, investors will look after the meeting of oil-producers scheduled for next Saturday in Vienna.
Resistance: 54.17, 55.21, 56.37
Support: 52.35, 51.35, 50.21