Daily Market Review — 09/06/2016
US Jobless Claims will be today’s most important market-moving event
The Japanese currency strengthened against the US dollar yesterday, facilitated primarily by negative sentiment towards the greenback. Additional support came via Japan’s Q1 GDP matched expectations. So far this morning a poor Japanese Core Machinery Orders negatively impacted the currency. Later on today at 12:30 GMT US Unemployment Claims will impact the currency pair.
Resistance: 107.48, 107.90, 108.48
Support: 106.51, 106.05, 105.55
The Russian currency strengthened significantly against the USD for the sixth consecutive session, spurred on by rising oil prices. Tomorrow the Bank of Russia will convene and make its interest rate decision. Currently the rates are at 11%, but the probability exists that the rates will be slashed to 10.5%. If that does occur the Ruble will probably take a temporary hit.
Resistance: 63.0073, 63.3885, 63.8497
Support: 62.4785, 61.8365, 61.0862
Shares of the German Investment Bank fell greatly as the scandal with its Russian division deepens. During a sweeping inspection the Russian division was closed. If found guilty large penalties will be imposed and share prices will probably drop again. Currently, the stock is in the midst of a downward trend, listed at € 14.86 (-0.97%).
Resistance: 16.440, 17.541, 18.877
Support: 14.308, 13.675, 13.019
The precious metal rose by almost $20 yesterday, approaching a three-week high. In the short-term, gold benefited from increased demand against the Brexit. Additionally yesterday, the World Bank cut its growth forecast for the world economy for 2016-2017. Today’s trading dynamics will depend on the weekly US jobless claims, scheduled for 12:30 GMT.
Resistance: 1268.92, 1275.82, 1282.00
Support: 1257.67, 1248.58, 1237.25