Daily Market Review — 16/09/2015
The U.K. Labor Market and US CPI Will Be In Focus of Market Participants Today
Yesterday’s trading session the pair was trading in a negative trend, caused by relatively positive data on the US economy. This morning the pair shows growth, probably caused by correctional back, as well as market participants’ expectations on a two-day meeting of the US Federal Reserve and the announcement of its results. It is worth noting that the dynamics of the pair may be affected today by the publication of the CPI in the Eurozone at 09:00 (GMT). In addition, the publication of important economic statistics from the United States scheduled for today as well. For example, at 12:30 (GMT) will be published inflation report on the US economy. It is necessary to pay special attention to the current statistics, because it is the last important report just before the start of the meeting the US Federal Reserve.
Resistance: 1.1374, 1.1498, 1.1562
Support: 1.1255, 1.1168, 1.1085
The British currency was under pressure yesterday. The cause of this should be correlated to mixed statistics on the UK economy recently published. According to the data, consumer prices have changed exactly in line with expectations, with prices y/y showed zero change. As for producer prices, both output and input prices showed a negative trend. Today market participants should pay attention to the publication of economic statistics on the labor market of Great Britain, which will be released at 08:30 (GMT). The focus will also be on the inflation report on the US economy, which is scheduled for 12:30 (GMT). It is worth noting that today begins a two-day meeting of the US Federal Reserve about the changes to the current monetary policy. The results of this meeting will be announced tomorrow at 18:00 (GMT).
Resistance: 1.5457, 1.5562, 1.5629
Support: 1.5288, 1.5218, 1.5163
During yesterday main US stock markets showed a strong growth. It was supported by positive statistics on the US economy. According to the data, Retail Sales showed an increase of 0.2% last month with a previous average analyst forecast of 0.3%. The same indicator excluding auto also rose last month by 0.3%, with an average forecast of 0.2%. A second report showed that business inventories rose in July, in line with expectations at 0.1%. In addition, the US stock markets were supported by growing oil prices. And at the same time, investors are cautious before the meeting of the US Federal Reserve.
Resistance: 16685.13, 16910.47, 17126.43
Support: 16303.29, 16149.93, 15959.01
Light Sweet Crude Oil
At the end of yesterday’s trading, oil prices have risen significantly, supported by statistics on API Crude Oil Inventories in the US. According to the report, inventories fell by 3.1 million barrels last week against expectations of growth. Moreover, many analysts agree that low oil prices will force the United States to halt the excessive production of shale oil. As it became known yesterday, the President of Venezuela once again suggested OPEC countries gather for a meeting on the situation in the oil market. He noted that he has ideas of how to support the oil market. And with that, his appeal was again ignored. Today, investors’ attention will be drawn to the Crude Oil Inventories report from the US Department of Energy, which will be published at 14:30 (GMT).
Resistance: 46.00, 47.19, 48.39
Support: 43.54, 41.79, 40.44