Daily Market Review — 31/10/2016
US personal income and spending will be today’s main news
Last Friday there was plenty of volatility associated with this pair. Data on Q3 US GDP came out better than expected, providing some support for the USD. However, Hillary Clinton’s email scandal resurfaced, which caused the USD to fall.
Today, the UK BoE Consumer Credit will impact the market. Additionally, later today at 12:30 (GMT) will be data on the US personal income and spending.
Resistance: 1.22132, 1.22421, 1.22729
Support: 1.21541, 1.21143, 1.20808
The pair spent Friday’s trading trending upwards as traders were waiting for Fed’s upcoming meeting scheduled for this week.
Today’s Eurozone GDP data should impact the pair. Meanwhile, the next two days of trading volume should be low, as investors don’t want to risk anything before the Fed’s interest rate meeting.
Resistance: 1.09907, 1.10224, 1.10553
Support: 1.09408, 1.08983, 1.08583
Alphabet’s (GOOG) and Chevron’s (CVX) strong quarterly reports provided great support for their respective stocks. Additionally, preliminary US GDP data came out positive.
Meanwhile, with the US elections just eight days away Hillary Clinton’s email scandal resurfaced. This has caused investors to stay away from riskier assets. Today’s, trading dynamics will depend on US economic statistics.
Resistance: 4833.15, 4847.04, 4855.94
Support: 4813.69, 4801.19, 4785.63
Brent Oil Futures
Quotations of “black gold” dropped on Friday, back to $51.00 per barrel. Additionally, traders do not believe that countries will come to terms for a much discussed oil output freeze. At the previous meeting in Vienna, OPEC failed to find common ground on this issue.
Today’s trading dynamics will depend on the investor sentiment.
Resistance: 50.90, 51.31, 51.77
Support: 50.20, 49.82, 49.36