Daily Market Review — 27/10/2016
Japan Consumer Price Index will be today’s main news
The Bank of Japan agreed to loosen its monetary policy, providing key support for the pair. Meanwhile, Bank of England head, Governor Mark Carney, said that the influence of a low GBP exchange rate will prevent rate cuts in the future. Additionally, U.K BBA Mortgage Approvals came out better than expected.
Today’s trading dynamics will depend on the Japanese CPI, scheduled for 23:30 (GMT).
Resistance: 128.121, 128.596, 129.131
Support: 127.385, 126.862, 126.245
The pair grew strongly during the first half of yesterday’s trading. US Services PMI and New Home Sales data provided support for the dollar.
Today’s trading dynamics will depend on US labor market orders for durable goods, scheduled for 12:30 (GMT).
Resistance: 1.09335, 1.09634, 1.10022
Support: 1.08906, 1.08583, 1.08342
Google will present its quarterly report today after the market closes. According to forecasts, average earnings per share (EPS) could rise to $8.63. Total revenue might reach $22.04 billion. If the forecasts prove to be accurate, its share price may rise to $810.00.
Resistance: 804.14, 808.05, 811.09
Support: 796.12, 791.92, 788.50
Gold dropped yesterday as the USD strengthened.
Indian holidays have additionally pushed up the demand for the precious metal, causing new growth. US economic data today will impact gold’s quotations.
Resistance: 1270.33, 1273.19, 1277.00
Support: 1264.84, 1260.20, 1254.18