Daily Market Review – 09/08/2016
U.K. Industrial Production will be today’s highlight
The currency pair continued its downward spiral yesterday thanks to positive reports pertaining to the US labor market. Of course last week’s decision by the Bank of England to cut the interest rates is still putting pressure on the pound.
Today’s UK Industrial Production data, scheduled for 8:30 GMT will be the main focal point. If it matches or exceeds expectations the pair should rebound.
Resistance: 1.3020, 1.3065, 1.3115
Support: 1.2977, 1.2930, 1.2900
The New Zealand dollar recovered some of Friday’s loses yesterday, causing the pair to grow.
Tomorrow at 21:00 GMT the Reserve Bank of New Zealand will present its interest rate decision. Most analysts are anticipating that the national bank will cut the rates from 2.25% to 2.00%.
Resistance: 0.7160, 0.7199, 0.7250
Support: 0.7086, 0.7059, 0.7020
Russian gas giant and UK business energy supplier Gazprom has cleaned up its energy supply by announcing a 15-year contract with solar farm creator Canadian Solar. The gas company will let as much as 40-megawats a year of renewable energy be supplied to its business customers. This signing can cause a spike in its share prices.
Gazprom is expected to present its quarterly report later this week. The company is expected to post 5.60 billion in first quarter net profit, down 5.5 percent from the same period of last year.
Resistance: 138.02, 138.82, 139.53
Support: 136.55, 135.80, 135.07
After Friday’s fall, silver started to rebound during yesterday’s session. All precious metals fell on Friday thanks to the stellar NFP report. Most analysts expect most metals to rise during the traditional autumn holidays in India and China. Today and for the duration of the week, American economic statistics will impact silver’s trading dynamics.
Resistance: 19.82, 20.01, 20.27
Support: 19.52, 19.34, 19.17