Daily Market Review — 10/08/2015
Three FOMC Members Speeches Are Scheduled for Today
Last Friday, the pair ended up falling on the news about the number of new jobs created in July in the US economy. Upon release of the data the British currency lost about 120 points. But at the closing of the trading session it was able to playback the half it lost before due to a moderately positive NFP report. Today, the economic news UK calendar is empty. Therefore today’s dynamic of the pair will be influenced by technical signals, as well as the speeches of the US Federal Reserve officials.
Resistance: 1.5497, 1.5525, 1.5548
Support: 1.5476, 1.5467, 1.5423
Last Friday was quite busy for the pair. In addition to data on the labor market from the United States, the report on the Canadian economy was also released. The unemployment rate in Canada remained unchanged at 6.8%, which coincided with forecasts of analysts. The index of employment showed an increase of 6,600 against the average forecast of 5,000. Moreover, building permits rose by 14.8% in June, showing a strong recovery of real estate market in Canada. The pair first gained 130 points, but then the Canadian currency was able to play all the losses back. Today the economic calendar in Canada is empty, so the pair will trade on technical signals.
Resistance: 1.3154, 1.3179, 1.3212
Support: 1.3124, 1.3113, 1.3043
Stock markets ended up Friday falling amid the publication of a government report on US employment. The data, which came in line with expectations of analysts allow investors to speculate that the first rate hike by the US Federal Reserve will happen at its September meeting. In the second half of the US session, the indices were able to play almost all the losses back, which was caused by the adjustment of positions before the weekend. It is also worth noting that today’s trading may be influenced by speeches of the members of the US Federal Reserve.
Resistance: 17373.23, 17508.87, 17593.46
Support: 17297.43, 17221.64, 17187.96
On Friday gold was traded with multidirectional dynamics. It was caused by the publication of an important report on the US labor market, which showed that the US economy is creating many new jobs, although the pace of growth was slightly worse than the average forecast of analysts. Gold prices rose to a level of $1099.20, where investors have started to re-open short positions, as it turned out to be a strong two-week resistance level. Today, there is no news that could influence the gold prices, except the speeches of the US Federal Reserve members.
Resistance: 1097.52, 1103.00, 1109.82
Support: 1089.31, 1087.23, 1080.71