DAILY MARKET REVIEW — 23/11/2016

DAILY MARKET REVIEW — 23/11/2016

 

US economic statistic will be the main news today

 

Forex

GBP/USD

GBPUSD

The British currency fell against the US dollar yesterday due to technical factors. U.K. public sector net borrowings decreased last month, which may lead to negative consequences for the UK economy.

Today, UK’s Ministry of Finance report scheduled for 12:30 (GMT) will impact the market. Later today at 13:30 (GMT) and 15:00 (GMT) respectively, US orders for durable goods and new home sales will be published.

Resistance: 1,24346, 1,25110, 1,25820
Support: 1,23545, 1,22987, 1,22483

EUR/JPY

EURJPY

The pair showed some growth yesterday thanks to increased demand for the EUR. Data on retail sales in Japan came out worse than expected.

Meanwhile, Eurozone’s consumer confidence beat the forecast, but still was on a downtrend.

Today, data on the Eurozone business activity will impact the market.

Resistance: 118,131, 118,644, 119,431
Support: 117,444, 116,838, 116,336

 

Stock markets

 

FTSE Futures

Stock indexes in Europe were in an uptrend yesterday thanks to rising shares’ prices for the energy companies, as oil reached the maximum for the last few months. ECB President Mario Draghi said that the economic stimulus measures will continue.

Meanwhile, the stock markets’ dynamics will depend entirely on the investor’s sentiment.

FTSE

Resistance: 6883,10, 6913,60, 6943,40
Support: 6841,10, 6812,80, 6790,70

 

Commodities

GOLD

Gold

Gold fell slightly yesterday because of the USD’s strengthening, after U.S. existing home sales came out much better than expected. In addition, the demand for risky assets reduces the need for investing in gold, which is often used as a safe asset.

Today’s trading will depend on the USD’s dynamics. The FOMC meeting scheduled for 18:00 (GMT) will surely influence the markets.

Resistance: 1221,34, 1232,79, 1241,15
Support: 1202,38, 1191,38, 1181,35

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