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Daily Market Review — 16/02/2016

Daily Market Review — 16/02/2016

Forex

EUR/JPY

At yesterday’s session the Japanese currency fell against its major competitors. This trend was due to the performance of Japanese Prime Minister Shinzo Abe, who noted that excessive volatility in the currency market, which is observed in recent years, is highly undesirable. Also, he added that the Bank of Japan will take immediate action if necessary. Let us remind that in recent years yen strengthened on a wide range of market, and that fact is bad for Japanese export-oriented economy. Today, dynamics of the pair may be affected by data on ZEW Economic Sentiment for Germany and the Eurozone at 10:00 (GMT).

Resistance: 128.25, 129.38, 130.25
Support: 127.24, 126.13, 124.85

GBP/JPY

The British pound strengthened somewhat against the Japanese yen yesterday after the head of the Japanese government expressed concern over the latest fluctuations in the Forex market. He said that these fluctuations led to an excessive strengthening of the Japanese currency, and as a result some local export-oriented producers incurred losses. Today, U.K. core consumer price index at 09:30 (GMT) will be important for market participants. Tomorrow there will be important data on the UK ore market.

Resistance: 166.94, 168.59, 170.56
Support: 164.52, 162.71, 160.42

 

Stock Market

NASDAQ Futures

Major US stock exchanges started the week with growth, as investors had bought shares at the low prices. There were low volumes in the US stock markets yesterday, as United States celebrated Presidents Day. Some support for stock markets provided a growth of oil price. Today, the dynamics of trade can be affected by U.S. NY Empire State manufacturing index at 13:30 (GMT).

Resistance: 4132.52, 4172.47, 4205.54
Support: 4045.04, 4011.98, 3982.36

 

Commodities

Light Sweet Crude Oil Futures

Quotations of “black gold” at yesterday’s session rose slightly, returning once again above the level of $30 per barrel. Waiting for major oil-producing countries cut production volumes made investors to close short positions on the asset. Nevertheless, the offer on the world market exceeds demand due to the boom of shale production in the United States, as well as OPEC’s unwillingness to set output quota. Tomorrow American Petroleum Institute will publish weekly crude oil stock at 21:35 (GMT).

Resistance: 31.48, 32.37, 33.33
Support: 30.26, 29.32, 27.83