Daily Market Review – 25/08/2016
Germany Ifo Business Climate Index will be today’s main event
The USD showed significant growth yesterday thanks to positive data on both the US mortgage refinance index and house price index. Traders should pay close attention to the annual Jackson Hole meeting which commences today.
Meanwhile, the Germany Ifo Business Climate index will be published today at 8:00 GMT. Later today at 12:30 GMT, the U.S. Durable Goods Orders will be published.
Resistance: 1.1288, 1.1315, 1.1345
Support: 1.1240, 1.1214, 1.1180
The Japanese currency is still under pressure because of Bank of Japan Governor’s Haruhiko Kuroda’s statement pertaining to a rate cut. Additionally, yesterday’s US economic statistics that came out better than expected impacted the pair.
Tonight at 23:30 GMT, Japan’s National Core Consumer Price Index should impact the market. Meanwhile, traders are waiting for the highly important Jackson Hole Symposium, with Federal Reserve Chair Janet Yellen’s keynote speech tomorrow.
Resistance: 100.60, 100.93, 101.25
Support: 100.30, 99.90, 99.53
Sberbank will present its quarterly report today. Analysts expect that its total revenue will be 560.3 billion rubles, with an earnings per share of 4.98 rubles. If the actual figures match or exceed expectations its share price may rise to 141.00 rubles.
Resistance: 140.07, 140.50, 140.98
Support: 139.04, 138.58, 138.09
Gold fell yesterday to four-week lows ahead of the Jackson Hole Symposium, which starts tomorrow. Markets wait for clues pertaining to a US rate hike, especially since speculation of a September rate increase creeps up.
Today’s trading dynamics will ultimately depend on U.S. durable goods orders scheduled for 12:30 (GMT).
Resistance: 1329.75, 1334.85, 1339.88
Support: 1322.93, 1319.23, 1314.64