Daily Market Review — 14/06/2016
GBP will be on the move with today’s UK Inflation data
With a potential Brexit on the horizon the GBP is under more pressure than ever. Because of this possibility, investors are continuing to buy the Japanese yen as a safe asset. This week market participants will be focused on the Bank of England’s upcoming interest meeting. Today’s trading dynamics however, will depend on UK Inflation data, scheduled for 8:30 GMT.
Resistance: 151.84, 153.52, 155.10
Support: 149,45, 148.45, 147.10
The euro grew significantly against the US dollar yesterday. Throughout the course of the week market participants will gradually focus on the upcoming US Fed meeting, scheduled for today and tomorrow. Most analysts believe that the Federal Reserve will leave the interest rates unchanged. Today’s dynamics will depend on the Eurozone employment change and the US retail sales report scheduled for 9:00 and 12:30 GMT respectively.
Resistance: 1.1306, 1.1344, 1.1380
Support: 1.1249, 1.1201, 1.1171
LinkedIn (NYSE: LNKD)
Yesterday Microsoft announced they were going to buy one LinkedIn, the biggest business-oriented social networking service, with Microsoft ready to pay $196 for each share. In total the purchase agreement is listed at $26.2 billion. Despite the acquisition Microsoft promised to preserve LinkedIn’s independence, and leave Jeff Weiner as the company’s CEO. After the announced acquisition LinkedIn’s shares surged 47% to $194.63 per share, while Microsoft’s stock was down 3.2%.
Resistance: 199.70, 207.40, 215.67
Support: 184.86, 175.73, 164.61
Brent Oil Futures
Oil prices dropped below $50 per barrel again as the 3 more drilling rigs were added in the US. Today, investors will pay attention to the report from the International Energy Agency and to the US API’s weekly crude oil stock report scheduled for 20:35 GMT.
Resistance: 52.72, 53.72, 54.89
Support: 48.16, 46.25, 44.68