Daily Market Review — 27/11/2015
Release of the UK GDP Data Is the Main Event of the Day
Yesterday’s trading on the pair was quite volatile, despite the Thanksgiving holiday in the US. The first half of the trading day was marked by the fall of the GBP/USD on the background of increased demand for the US currency, as well as technical factors. The Economic Calendar for the UK and the US economies was mostly empty. Today the US markets will have a shortened working program. Meanwhile, today’s dynamics of the pair will depend heavily on the publication of important statistics on the UK economy. More exactly, at 09:30 (GMT), the revised estimate of GDP for the third quarter will be presented. Analysts expect the index to remain unchanged. The Business Investment index will be published at the same time.
Resistance: 1.5153, 1.5247, 1.5333
Support: 1.5052, 1.4955, 1.4857
The pair was trading yesterday within a wide range on a background lacking significant economic news. In addition, the trading volume was quite limited yesterday, as United States celebrated Thanksgiving Day. Meanwhile, data released yesterday showed some growth in the monetary aggregate, M3, of the Eurozone. The current dynamics of the EUR/USD will be influenced by data on Consumer Confidence, Business Sentiment, Industrial Confidence and Economic Sentiment indicators in the Eurozone, which will be released at 10:00 (GMT).
Resistance: 1.0676, 1.0762, 1.0829
Support: 1.0592, 1.0555, 1.0522
The main US stock markets showed some growth during yesterday’s session. This was caused by the impact of Wednesday’s positive economic statistics on the national economy. There is no news today likely to have a significant impact on the Markets. Investors will probably adjust their positions before the weekend. It is worth noting that US markets will close early today.
Resistance: 4706.28, 4728.79, 4755.72
Support: 4652.68, 4624.45, 4597.85
Light Sweet Crude Oil Futures
Quotes of the “Black Gold” remain under pressure amid concerns about the oversupply in the market. In addition, geopolitical risks now seem to be receding. Markets now expect the OPEC meeting next week. The countries will decide on production quotas for 2016. Most Investors don’t expect any major changes to occur in regards to the current policy. Chances are that OPEC members will not reduce production quotas in order to protect their market share. Additionally, Investors anticipate the Iranian comeback to the oil market next year. All these factors are not in favor of “Black Gold”.
Resistance: 43.42, 45.05, 46.19
Support: 41.96, 41.35, 40.40