Daily Market Review – 11/08/2016
Alibaba earnings report will be today’s most impactful event
The New Zealand dollar grew against all pair, including the USD, reaching a year-on-year high, despite the fact the Reserve Bank of New Zealand cut its interest rate. According to RBNZ Governor Graeme Wheeler the primary reason the rate cut was enacted was the high exchange rate was hurting the export/import sector.
The weekly US Unemployment Claims at 12:30 GMT will impact the currency pair.
Resistance: 0.7305, 0.7336, 0.7372
Support: 0.7226, 0.7192, 0.7143
The pair fell to begin yesterday’ trading, but during the second half of the day it corrected itself as oil prices fell. An increase in US oil stocks was the primary catalyst.
Today the pair will be influenced by the US weekly Unemployment Claims report.
Resistance: 64.0756, 64.5728, 65.0435
Support: 63.4591, 63.1077, 62.7033
Chinese e-commerce giant Alibaba will report its fiscal first-quarter earnings today before the markets open. Its earnings per share is expected to be $0.62, with total revenues hitting $21.03 billion. Most pundits believe the report will be positive because of its increased international activity. If the actual value matches or exceeds forecasts shares may rise to $90.
Resistance: 86.00, 86.75, 87,50
Support: 84.75, 83.90, 83.00
Gold capped its upward trend after the latest US Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings rose in June for the fifth time this year and hiring picked up by 1.7%. Currently, the precious metal is trending downwards, listed at 1,351.15 (-0.06%).
Today, prices should be impacted as the weekly US Jobless Claims report will be published at 12:30 GMT.
Resistance: 1345.99, 1353.22, 1358.50
Support: 1330.88, 1324.21, 1317.35