Daily Market Review – 21/07/2016
Today’s ECB rate meeting takes center stage
The pair grew strongly yesterday as many believe the Bank of Japan may implement additional stimulus measures later on this month. Additionally, the euro in particular is on the rise as investors are eagerly awaiting for today’s ECB rate decision and the accompanying press conference, scheduled for 11:45 and 12:30 GMT respectively. Although most analysts believe that the ECB won’t enact any changes in monetary policy, it will be the press conference that will move the euro and all of its crosses.
Resistance: 118.64, 119.48, 120.28
Support: 117.65, 117.05, 1160.36
The pair grew significantly yesterday thanks to better than anticipated UK labor market data. Additionally, analysts and investors are expecting the Bank of Japan to implement further stimulus measures later on in the month, which is of course putting pressure on the JPY. Today, UK Retail Sales data at 8:30 GMT will put influence the pair.
Resistance: 143.20, 145.29, 147.34
Support: 139.33, 137.80, 136.37
General Motors (GM)
General Motors will present its quarterly report today before the US markets open. According to analysts, earnings per share should reach $1.51, with $38.67 billion in total revenue, slightly higher than the previous quarter’s value. Should the actual figures match or exceed the forecast, shares may reach $32.
Resistance: 31.70, 31.99, 32.29
Support: 31.08, 30.70, 30.33
Gold dropped heavily during yesterday’s session as the US dollar strengthened. Positive US economic data as of late is the main catalyst that is putting pressure on the precious metal.
Today, at 12:30 GMT will feature the Philly Fed Manufacturing Index and the weekly Unemployment Claims report. Both have the potential to impact gold prices.
Resistance: 1322.92, 1338.04, 1346.85
Support: 1310.51, 1299.42, 1288.77