Daily Market Review — 25/04/2016
German Ifo Institute data will be today’s main highlight
During Friday’s trading session the euro dropped significantly against most of the major currencies. Weaker than anticipated data regarding business activity in the services sector across most of the Eurozone coupled together with Greece’s financial woes from international creditors and the strong possibility of Brexit caused the euro to drop substantially. Today, German IFO data, scheduled for 08:00 GMT should affect the euro while MPC member Jon Cunliffe’s speech scheduled for 17:00 GMT should affect the pound.
Resistance: 0.7828, 0.7871, 0.7910
Support: 0.7756, 0.7728, 0.7693
The pair rose significantly during Friday’s trading session, spurred on by rumors that the Bank of Japan may expand its stimulus package or enact some sort of foreign exchange intervention. Additionally there is a strong possibility that the Bank of Japan may institute negative interest rates. Despite poor U.S. manufacturing data, the pair still continued to grow. Meanwhile, market participants are waiting for the outcomes of both the Bank of Japan’s upcoming interest rate decision along with the U.S. Federal Reserve’s interest rate decision which will occur later on in the week. Today, the U.S. new home sales, scheduled for 14:00 GMT may affect the currency pair.
Resistance: 111.79, 112.45, 113.60
Support: 110.80, 110.10, 109.30
Tomorrow, after the U.S. markets close social network giant Twitter world’s will release its quarterly earnings report. According to experts, its average earnings per share should reach $0.10, while revenues should come in at approximately $608.1 million. If the forecast meets or exceeds expectations its share price could easily reach or eclipse $18 per share.
Resistance: 17.80, 18.15, 18.60
Support: 17.00, 16.60, 16.10
Crude Oil Futures
Optimism is starting to return to the oil market thanks to the reduction of production volumes among the largest oil-producing countries. Meanwhile, according to Baker Hughes, the number of active rigs in the U.S. last week declined again by 8 units. Meanwhile, investors should pay attention to this week’s upcoming reports from the Institute of Petroleum and the U.S. Department of Energy, which will be released later this week.
Resistance: 43.62, 44.42, 45.40
Support: 42.53, 41.90, 41.19