Daily Market Review — 27/08/2015
Revised US GDP Data Will Be In the Focus Today
In yesterday’s trading the pair showed a negative trend, which was caused by the publication of positive statistics on durable goods orders in the United States. The US currency was also supported by the stabilization in global stock markets. According to presented data, durable goods orders turned better than analysts’ expectations, which show the strong recovery by the US economy. Today market participants’ attention will be focused not so much on European statistics but rather the revised estimate of US GDP for the second quarter, which is scheduled for 12:30 (GMT). Market participants will also pay attention to the publication of data on the US labor market, namely the initial jobless claims. Additionally, the Jackson Hole Symposium starts today, and the representatives of the US Federal Reserve will take part in it.
Resistance: 1.1358, 1.1396, 1.1559
Support: 1.1289, 1.1242, 1.1189
During yesterday’s trading session the pair showed mixed trends. It should be noted that the stabilization of world stock markets has led to a decrease in the attractiveness of the Japanese currency as a safe asset. Yesterday the pair was influenced by the data on US durable goods orders, which exceeded analysts’ expectations. The data on the US labor market and the revised estimate of US GDP will be published today at 15:30 (GMT). Market participants’ attention will also be focused on the inflation report in Japan as well as data on unemployment and retail sales. Publication of the above economic statistics scheduled today at 23:30 (GMT).
Resistance: 120.41, 121.27, 121.80
Support: 119.81, 118.43, 116.18
During yesterday’s trading the major US stock indexes recovered the losses from the previous two sessions. This was caused by positive economic statistics on durable goods orders in the US, which showed that the level of optimism among manufacturing companies is growing. Stock indices also got some support by a speech of the Fed member Dudley, saying that the probability of a rate hike in September at this stage looks is less likely than a few weeks ago. Concerns about the economic situation in the country, as well as fears of a global slowdown could force the Fed to delay its decision on raising interest rates.
Resistance: 1949.10, 2007.91, 2046.55
Support: 1922.48, 1875.25, 1830.60
Light Sweet Crude Oil
Oil quotes were trading with mixed trends yesterday. Markets had been waiting for statistics on crude oil inventories from the US Department of Energy. According to the data, inventories fell last week by 5,452 million barrels. The median forecast of analysts anticipated an increase in inventories by 2 million barrels. Such data provided temporary support to oil quotations. And with that, the volume of oil inventories in the US is at multi-year highs. Investors are concerned about the oversupply in the world market. Therefore, most analysts are revising their forecasts for oil prices for the rest of the year.
Resistance: 39.83. 40.45, 41.36
Support: 38.49, 37.76, 37.50