Daily Market Review — 11/05/2016

U.K. Manufacturing Production will be today’s main event.




The pair showed a positive trend yesterday, helped by demand for risky assets. Nevertheless, data on the US labor market which was slightly better than the average forecast impacted the market. Today, the pair’s dynamics will be impacted by the U.K. Manufacturing Production report, scheduled for 08:30 GMT. Meanwhile, market participants are awaiting tomorrow’s Bank of England interest rate meeting. Most experts believe the rates will remain unchanged.

Resistance: 1.4470, 1.4527, 1.4587
Support: 1.4372, 1.4312, 1.4248



Yesterday the pair yielded mixed results. Germany’s trade balance was higher than anticipated but industrial production fell 1.3%. As there is no important data in the Eurozone today, the pair should be affected by various U.S. statistics such as the Federal Balance Budget, scheduled for 18:00 GMT.

Resistance: 1.1442, 1.1529, 1.1616
Support: 1.1361, 1.1295, 1.1220


Stock Market

Allianz SE(ALVG)


Today, one of the largest European insurance company’s Allianz SE will present its quarterly report. According to various experts, its average earnings per share should be $3.57 compared to last quarter’s $3.12. If it exceeds expectations, the company’s share price may rise $150 per piece.

Resistance: 143.125, 145.575, 147.734
Support: 139.970, 137.063, 134.987



Crude Oil Futures


Crude oil prices grew by almost 3% yesterday, aided by forest fires in Alberta, Canada. Additionally, prices rose due to series of attacks on the Nigerian oil production infrastructure, reducing the country’s output to a 22 year low. However, according to most experts, these potential supply disruptions will ultimately be offset by record production from Iran, Saudi Arabia and Russia. Today’s trading dynamics should depend on the inventory report from the US Department of Energy at 14:30 GMT.

Resistance: 45.24, 46.00, 46.72
Support: 43.28, 42.54, 41.82

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