DAILY MARKET REVIEW — 09/02/2017
Eurozone’s political and economic problems drive thr markets today
The pair was in downtrend yesterday as Japanese currency was used as safe asset. Japan’s core machinery orders came out positive and provided support for the JPY. It should be noted that the production equipment for Japan is one of the most important sectors of the economy.
Today, US’ labor market data at 13:30 (GMT) will impact the pair.
Resistance: 112.524, 113.027, 113.444
Support: 111.617, 111.319, 110.825
The European currencies are subject to greater political factors because of the scandals in France.
Meanwhile, we should not forget that the Swiss franc is often used as a protective asset, along with the Japanese yen. Today, trade’s dynamics will depend on Fed’s Evans speech at 18:00 (GMT).
Resistance: 0.99721, 0.99988, 1.00255
Support: 0.99286, 0.99018, 0.98699
The major US stock indexes closed with zero changed yesterday, with only the Dow recording a slight fall. The rally in US stock markets began after Trump won the elections.
Today, the US economic statistics will impact the market.
Resistance: 20049.00, 20069.00, 20082.00
Support: 19964.00, 19931.00, 19902.00
Gold is in high demand on the background of political risks in Europe. Trump’s policy also provides support for gold.
It should be said that demand for gold is speculative. Today’s dynamics will depend on investors’ appetite for risk.
Resistance: 1250.00, 1259.36, 1267.69
Support: 1235.64, 1227.54, 1219.22