Daily Market Review – 29/08/2016
U.S. Personal Spending and Income will be the main events today
The pair traded with mixed results last Friday. At first UK GDP data provided some support for the pair, but later on the GBP/USD dropped sharply thanks to Janet Yellen’s optimistic sentiments in Jackson Hole. She said that the case for a US rate increase has strengthened in recent months.
US data on personal spending and income scheduled for 12:30 GMT should impact the markets today.
Resistance: 1.3168, 1.3231, 1.3277
Support: 1.3092, 1.3032, 1.2974
The pair grew strongly during Friday’s trading helped by US Fed Chair’s positive statement pertaining to a potential rate hike. However investors have some doubts about it.
Today, the pair will depend on US economic statistics and on dynamics in the oil market.
Resistance: 1,3023, 1,3079, 1,3133
Support: 1,2963, 1,2915, 1,2861
Russian Gazprom will publish its quarterly report today and leading analysts expect that its earnings per share will amount to 7.90 rubles, while its total revenue will grow to 1.85032 trillion rubles. If the actual data matches the expectations, the share price could rise to 142.00 rubles.
Resistance: 138.40, 140.18, 142.47
Support: 134.40, 131.97, 130.46
Gold grew last Friday after Janet Yellen stated in Jackson Hole that the potential for a rate hike has strengthened considerably over the past few months. It should be noted that demand for gold falls when there is a rate hike or even talk of a hike.
Today, US Core PCE Price Index and data on personal spending and income scheduled for 12:30 (GMT) will impact the market.
Resistance: 1323.54, 1329.75, 1334.85
Support: 1314.64, 1310.20, 1304.83