Daily Market Review — 27/04/2016
Watch out for today’s pivotal FOMC Statement at 18:00 GMT.
The currency pair shot up yesterday as poor U.S. goods orders significantly weakened the USD. Additionally, the USD fell even further as consumer confidence levels plunged to 94.2 versus the anticipated 95.8. Earlier today however, the pair dropped significantly thanks to porous Australian CPI findings. Later on today traders should be sure to pay attention to the upcoming Federal Reserve interest rate decision scheduled for 18:00 GMT.
Resistance: 0.7690, 0.7750, 0.7824
Support: 0.7622, 0.7566, 0.7500
The GBP continues to strengthen solidly against most of the major currencies. However, with a potential Brexit on the horizon, anything can happen. According to recent reports, many Britons are afraid of economic consequences, which can of course hurt the GBP. Today’s dynamics will depend upon the preliminary GDP quarterly findings schedule for 8:30 GMT. Additionally, the pair will be influenced by Japan’s upcoming inflation, retail sales and industrial production reports, set to kick off at 23:30 GMT.
Resistance: 162.66, 164.12, 165.54
Support: 160.43, 158.85, 157.39
Boeing Company (BA)
Today before the U.S. markets open up, Boeing will publish its quarterly report. According to most forecasts its earnings per share should reach $1.82, outdoing the previous quarter’s $1.6. The company’s revenue should only hit $22.05 billion, dropping versus last quarter’s $23.57 billion.
Resistance: 134.57, 136.78, 138.57
Support: 129.35, 127.25, 125.10
Crude Oil Futures
Crude oil prices rose yesterday, breaking the $44 level, which occurred as demand is expected to pick up. Additionally, a general depreciation in the USD has supported the crude oil market. However, prices should remain capped as Saudi Arabia and Iran plan to increase their production. Meanwhile, inventory data from the U.S. Institute of Petroleum provided even more support to the market. Crude oil stocks dropped by 1.07 million barrels compared to the expected 0.8 million barrel increase. Today, investors should pay attention to the U.S. Department of Energy’s crude oil inventory report scheduled for 14:30 GMT.
Resistance: 44.77, 45.40, 46.04
Support: 43.93, 43.19, 42.53