Daily Market Review — 21/03/2016
Eurozone Economic Statistics will be the main event today
The Euro fell against the US dollar at Friday’s session. This was due to ECB statement’s that the regulator will ramp up its stimulus package. Against this background, many market participants have started to take profits, which led to the pair’s drop. Weak statistics on PPI in Germany put additional pressure on the Euro. Support provided statistics on US consumer sentiment, which went downhill this month. Today, the dynamics of the pair may be affected by the publication of Eurozone Current Account 09:00 (GMT). Moreover, in 11:00 (GMT) Deutsche Bundesbank will publish its monthly report. Also, today at 15:00 (GMT), the Eurozone consumer confidence index will be presented.
Resistance: 1.1341, 1.1377, 1.1413
Support: 1.1241, 1.1166, 1.1084
At the beginning of Friday’s session, the Pound fell against the US dollar. Market participants continued to analyze the BOE interest rate decision. The British currency provided weak statistics on U.S. Michigan Consumer Sentiment. Today, the pair will depend on U.K. CBI Industrial Trends Orders at 11:00 (GMT). At 14:00 (GMT) data will be presented on U.S. Existing Home Sales.
Resistance: 1.4514, 1.4545, 1.4576
Support: 1.4372, 1.4306, 1.4230
Major US stock markets rose at Friday’s session, Due to the rising of oil prices. In recent years the oil market is setting the tone for trading on stock exchanges. US consumer confidence data, which were worse than the average forecast of experts, also influenced these markets. Today, they will depend entirely on the mood of investors. U.S. Existing Home Sales may influence them as well.
Resistance: 2041.94, 2051.96, 2065.62
Support: 2024.79, 2014.61, 1998.32
Gold prices fell slightly at Friday’s session due to profit-taking after a growth. We remind you: precious metal prices rose sharply after Fed’s interest rate decision last time. Fed officials said that there will be only two rate hikes this year instead of four. Most likely, quotations will be in a correction phase that will contribute to their downfall.
Resistance: 1247.45, 12530.94, 1263.99
Support: 1236.75, 1228.10, 121.89