Daily Market Review — 26/10/2016
US oil stocks data will drive the markets today
Yesterday the pair showed strong growth as the USD rose impressively. Meanwhile, earlier this morning the Australian CPI was published, exceeding expectations.
The pair’s further dynamics will be impacted by U.S. Services PMI scheduled for 13:45 GMT, followed by US New Home Sales at 14:00 GMT.
Resistance: 0.77029, 0.77242, 0.77460
Support: 0.76729, 0.76486, 0.76261
The British currency fell against the US dollar once again as the UK finance minister said he sees no obstacles to further expand the QE program. However, it ultimately recovered almost all of its lost positions as Bank of England head Mark Carney emphatically stated that he sees no reason to change the current monetary policy settings. The pair’s dynamics will depend on US economic statistics.
Resistance: 1.22421, 1.22729,1.22975
Support: 1.21853, 1.21545, 1.21354
Today Coca-Cola Company will publish its quarterly report before the market opens. According to leading analysts its earnings per share should reach $0.48, with total revenue falling to 10.45 billion dollars.
Resistance: 42.74, 42.87, 43.00
Support: 42.42, 42.28, 42.18
Brent Oil Futures
Oil fell yesterday as the American Petroleum Institute published data on oil stocks. Thus, according to data stocks rose by 4.5 million barrels compared to the average forecasts of growth of 1.8 million.
Today, investors will closely be on the lookout for a similar report from the US Department of Energy, scheduled for 14:30 (GMT).
Resistance: 51.60, 52.21, 52.76
Support: 50.90, 50.34, 49.82