Daily Market Review — 28/09/2016
The OPEC meeting will be today’s main event
The US currency strengthened significantly against the euro yesterday, thanks to the US first presidential debate and positive economic statistics. But after US Fed Vice Chair Stanley Fischer’s statement, the pair went down. He mentioned that he is in favor of a gradual rate increase and that he expects a significant increase in salaries this year.
Today, the US Durable Goods Orders, scheduled for 12:30 (GMT) will impact the pair. Additionally, central bank heads will speak later today: Janet Yellen at 14:00 (GMT) and ECBs President Mario Draghi at 14:30 (GMT)
Resistance: 1.12137, 1.12406, 1.12785
Support: 1.11650, 1.11393, 1.11213
The pair traded mixed yesterday. The Bank of Japan attempted to spur the inflation, which provided support for pair.
However, the UK’s CBI Distributive Trades survey fell sharply in September and caused the GBP to lose ground.
Today, Japan’s retail sales report, scheduled for 23:50 (GMT) will impact the pair.
Resistance: 131.398, 132.216, 133.010
Support: 130.433, 129.628, 128.675
Nike Inc (NKE)
Nike published its quarterly report yesterday. According to the data, its profit per share rose to $0.73, a lot higher than the $0.51 forecast. Total revenues reached $9.06 billion, as opposed to the expected $8.22 billion. Thanks to these numbers, the company’s shares rose by 1.75%.
Resistance: 55.50, 56.00, 56.40
Support: 54.75, 54.34, 53.90
Brent Oil Futures
Oil quotes fell by 3%, because of the International Energy Forum event, which started in Algeria. However, “black gold” received some support after the oil stocks report. The data showed a drop by 0.7 million barrels, against expectations of an increase by 3 million barrels.
Today, traders will pay a lot of attention to OPEC’s meeting in Algeria and to the government’s report on US inventories, scheduled for 14:30 (GMT).
Resistance: 47.00, 47.56, 48.21
Support: 46.15, 45.61, 45.07