Daily Market Review — 28/03/2016
Reports on US personal spending and personal income will be the main events today
At Friday’s session, the British currency recovered some of its lost position. Let us remind you that the pound came under pressure after the Brussels terrorist attacks on Tuesday and new talks about Brexit. The publication of US GDP for the fourth quarter of last year in the final assessment also influenced the market. Thus, according to published data, the figure was 1.4% compared to the average forecasts at the level of 1%. However, trading volumes on Friday and today, will be limited as almost all European markets are closed due to Easter Monday. Meanwhile, a major impact can provide the publication of the US data on personal spending and income at 12:30 (GMT). It should be noted that Personal Consumption Expenditure (PCE) is the main signal of inflation for Fed.
Resistance: 1.4157, 1.4228, 1.4306
Support: 1.4106, 1.4053, 1.3978
The Canadian currency followed the dynamics of the oil prices and recovered lost position. However, on Friday some support for the Japanese currency provided data on the leading and coincident indices in the final assessment, which were better than the average forecasts. Today, a significant impact will provide data on unemployment and retail sales in Japan, which will be presented at 23:30 (GMT).
Resistance: 85.56, 85.88, 86.27
Support: 85.04, 84.77, 84.45
On Friday, European stock markets were closed due to Good Friday. This week, support for the European stock market will provide ECB’s management statement, which last week gave rise to speculation about the further expansion of stimulus measures. Today, European stock markets will be closed, as Europeans celebrate Easter Monday.
Resistance: 9955.66, 10012.77, 10073.34
Support: 9874.32, 9818.95, 9756.64
Light Sweet Crude Oil Futures
On Friday there was no oil quotation as United States celebrated Good Friday. The new week quotes of “black gold” opened with some growth, which is rather corrective, after falling for most of last week. The data on US oil stocks put some pressure on market. In addition, the reports on US stocks will be published on Tuesday and Wednesday. Investors look towards the world’s largest oil producers’ meeting, scheduled for April 17.
Resistance: 40.31, 41.10, 41.78
Support: 39.05, 38.27, 37.61