Daily Market Review – 12/09/2016
Fed’s Monetary Policy Meeting is today’s main event
The pair spent last Friday in downward trend that was caused by the publication of economic statistics. Germany’s trade balance for June came out lower than expected. However, the same indicator for the British economy showed strong growth. Most likely, the pair will recover today from Friday’s losses.
Meanwhile, traders are waiting for tomorrow’s UK inflation data.
Resistance: 0.8492, 0.8525, 0.8565
Support: 0.8443, 0.8405, 0.8352
The pair showed a downward trend for the third consecutive session, due to Japanese currency’s growth. Japan’s machine tool orders provided support for the yen.
Today, RBA’s Christopher Kent will speak at 22:30 (GMT). His speech may provide some support for the pair.
Resistance: 77.48, 78.12, 78.68
Support: 76.74, 76.22, 75.40
Google’s Alphabet Inc. will acquire the cloud software company Apigee Corp. The deal is valued at approx. $625 million. This is the tech giant’s latest effort to claim a greater share of the lucrative cloud business. Thus, the company’s fighting for a share of the rapidly growing business associated with the provision of cloud services to corporate clients.
Resistance: 793.50, 796.48, 799.35
Support: 786.69, 783.83, 781.14
Gold prices fell for a third session in a row, due to the strengthening of the US currency. Investors fear that the Fed will raise rates sooner than expected.
Federal Reserve Governor, Lael Brainard, has a scheduled speech today at 17:15 (GMT). Most likely, this will impact the markets.
Resistance: 1331.78, 1341.31, 1352.00
Support: 1324.55, 1317.73, 1308.94