Daily Market Review — 22/12/2015

Daily Market Review 22/12/2015

Publication of the US GDP for the 3rd Quarter Is the Main Event of the Da

Forex

GBP/USD

GBPUSD (2)

The British currency fell against the US dollar yesterday. It should be noted that trading volumes are very low because of the upcoming holiday. The British currency began to lose against its major rivals recently, as there were no hints of the imminent start of monetary tightening in the Bank of England representative’s comments. CBI Retail Sales data in the UK, which came out at 19 against an average forecast of 21, also influenced yesterday’s trading dynamic. Today, market participants attention will be drawn to the publication of the US GDP at the final reading at 13:30 (GMT). Preliminary forecasts assume a slightly lower GDP growth in the third quarter compared to the second. The ongoing direction of the pair will be determined by actual figures.

Resistance: 1.4955, 1.5025, 1.5106
Support: 1.4864, 1.4774, 1.4689

NZD/USD

NZDUSD (2)

The currency pair has shown a positive trend for the third consecutive session. This was caused by a slight recovery in the commodity markets. The index of leading indicators in China, published the day before, also had some influence. It came out somewhat better than the average forecast. In addition, the growth of New Zealand currency yesterday was caused by US dollar weakness. Today’s NZD/USD dynamics may be influenced by economic statistics from the United States, scheduled to be released at 13:30 (GMT). New Zealand’s Trade Balance will be published at 21:45 (GMT).

Resistance: 0.6824, 0.6863, 0.6895
Support: 0.6779, 0.6738, 0.6687

 

Stock Market

DAX Futures

DAX

Major European stock indexes fell slightly during yesterday’s session, although they spent most of the trading day in the green territory. The fall of energy companies’ shares after oil quotations, was the main reason for such dynamics. In addition, the result of the Spanish parliamentary elections, where the current prime minister’s party lost the majority had a significant impact on investor sentiment. Data on the Producers Price Index in Germany, which showed a six-year low also had impact on trading. There is no important economic statistics on the European economy scheduled for today, so the dynamics of the stock markets will depend entirely on the general mood of investors.

Resistance: 10647.29, 10832.29, 11000.47
Support: 10474.91, 10296.60, 10119.64

Commodities

GOLD

Gold (4)

Quotes of the precious metal have increased for the second consecutive session as investors doubt that the Fed will raise rates as much as they expect. Recall, last week the Fed met market expectations, raising interest rates by 25 basis points. The head of the Federal Reserve Janet Yellen, said that further increases will take place at a moderate pace, and will depend on economic statistics. The gradual increase in rates carries less of a threat to gold prices than their sharp rise. General weakness of the US dollar has somehow supported gold. Today’s trading dynamics may be significantly influenced by a publication of the third reading of US GDP for the third quarter at 13:30 (GMT).

Resistance: 1085.16, 1088.73, 1097.90
Support: 1074.52, 1067.50, 1058.51

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