Daily Market Review – 24/08/2016
EIA weekly crude oil inventories report is today’s main event
The pair trended downwards yesterday due to a slew of mixed Eurozone economic reports, with a number of them being lower than most analysts’ forecasts.
So far today the pair is trading at 0.8576, up 0.13% thanks to better than expected German GDP data. At 8:30 GMT the British Bankers’ Association will be published.
Resistance: 0.8595, 0.8625, 0.8665
Support: 0.8526, 0.8490, 0.8449
The Russian currency strengthened somewhat against the US dollar due to oil prices growing. However, analysts predict that pair will go up in nearest future. The ruble may still receive some support as the tax season starts in Russia.
Resistance: 64.0756, 64.5728, 65.0435
Support: 63.4591, 63.1077, 62.7033
McDonald’s is looking for a buyer for its 2,800 restaurants in China, Hong Kong and South Korea. The Carlyle Group, a private equity firm based in Washington, D.C., and a multinational group are reportedly the final two bidders for such a deal. The 20-year master franchise agreement is estimated to be worth $2 billion to $3 billion. Currently, the stock is listed at 115.19, down 0.20%.
Resistance: 116.50, 117.40, 118.20
Support: 114.60, 113,.92, 113.00
Brent Oil Futures
Oil showed some growth after reports surfaced that Iran may freeze production. Earlier, oil prices fell because most investors thought the last growth was too excessive. Today’s trading will depend on Energy Information Administration’s (EIA) weekly Crude Oil Inventories report, scheduled for 14:30 (GMT).
Resistance: 48.10, 49.12, 50.05
Support: 46.66, 45.78, 44.85