Daily Market Review — 31/05/2016
Canadian GDP report will take center stage today.
The pair grew steadily yesterday, primarily because of a better than expected German CPI finding. On the flipside, retail sales in Japan fell yet again, despite coming in better than expected. Additionally, data on unemployment and industrial production in Japan were published yesterday. Today’s trading dynamics will depend on retail sales and employment data coming out of Germany scheduled for 6:00 and 7:55 GMT respectively. Additionally, the pair will further be impacted by the Eurozone CPI and the unemployment rate for the region scheduled for 9:00 GMT.
Resistance: 124.03, 124.41, 124.85
Support: 123.51, 123.13, 122.73
The pair more or less followed changes in oil quotations during yesterday’s trading session. Despite a lower trading volume the Canadian Industrial Product Price Index impacted yesterday’s trading dynamics. Today however, a bevy of economic news will be published with the main attraction being the Canadian Q1 GDP report, scheduled for 12:30 GMT. Additionally at 12:30 GMT, the US PCE Price Index will be announced.
Resistance: 1.3074, 1.312, 1.3165
Support: 1.2999, 1.2959, 1.2913
Major stock indexes across Europe opened a new week with growth, in line with the dynamics of the last five trading days. German CPI data along with various other Eurozone statistics provided support for the markets. Today, important data pertaining to the German labor market and the Eurozone in general will affect the DAX.
Resistance: 10375.77, 10417.35, 10457.67
Support: 10302.70, 10259.87, 10206.95
Crude Oil Futures
The price of crude oil changed very little yesterday. Many investors claimed their profits after last week’s impressive, with the prices rising to over $50 a barrel. Further growth was stifled by the USD. This week traders should pay attention to the weekly crude stock report and to OPEC’s upcoming meeting, scheduled for June 2. Most analysts believe production quotas will ultimately remain the same.
Resistance: 50.17, 50.88, 51.81
Support: 49.21, 48.13, 47.28