Daily Market Review – 20/07/2016
UK labor market data will impact the markets today
The British currency fell significantly against the US dollar yesterday as the IMF slashed its forecasts for UK growth in the wake of the nation’s decision to leave the European Union. The pound fell despite official data showing a larger than expected increase in inflation. Additionally, US housing market data proved to be better than anticipated, causing the pair to fall further.
Today’s dynamics will depend on UK labor market data, scheduled for 8:30 GMT.
Resistance: 1.3150, 1.3230, 1.3334
Support: 1.3045, 1.2940, 1.2852
The pair trended negatively yesterday thanks to poor Germany ZEW data. Additionally, better than expected US housing starts and building permits data put some pressure on the pair.
Today, Eurozone Consumer Confidence data, scheduled for 14:00 GMT will impact the pair.
Resistance: 1.1040, 1.1070, 1.1097
Support: 1.0995, 1.0970, 1.0914
F5 Networks (FFIV)
F5 Networks will present its quarterly report today. Leading analysts believe its earnings per share will be $1.79, with revenue coming in at $502.7 million. These values are somewhat higher than those of the previous period. Should the actual figures match or exceed the forecast, share prices may hit $122.
Resistance: 121.98, 123.57, 125.14
Support: 119.56, 118.01, 116.05
Brent Oil Futures
Yesterday oil traded with mixed results. A workers’ strike at the Hariga oil terminal caused oil prices to ultimately rise. Additionally, according to the Institute of Petroleum oil stocks fell by 2.2 million barrels. Today, US Department of Energy’s weekly report will impact the market.
Resistance: 47.42, 48.03, 48.54
Support: 46.33, 45.90, 45.45