Daily Market Review — 17/02/2016
Yesterday the British pound showed significant drop against the US dollar. This trend was due to the publication of statistics on consumer prices in the UK. Thus, index fell more than most experts forecasted. Meanwhile, U.S. NY Empire State manufacturing index showed a slight increase compared to the previous period. This put some pressure on the pair. Today, the dynamics of the pair can be impacted by U.K. Unemployment Rate at 09:30 (GMT). Moreover, at 13:30 (GMT) there will be published data on the Producer Price Index and U.S. Housing Starts. At 14:15 (GMT) will be published one of the most important indicators – U.S. Industrial Production. However, the main event for market participants will be the publication of FOMC Meeting Minutes, which is scheduled for 19:00 (GMT).
Resistance: 1.4351, 1.4445, 1.4578
Support: 1.4230, 1.4147, 1.4086
The New Zealand dollar fell sharply against the US currency yesterday after the publication of inflation expectations in New Zealand. Thus, according to the presented data, inflation expectations fell to a level of 1.6% against an average forecast of 1.9%. Some pressure on the currency of New Zealand put negative dynamics of commodity areas. Today, the dynamics of the pair may depend on American economic statistics; in particular, there will be presented Producer Price Index at 13:30 (GMT) and US industrial production at 14:15 (GMT). Meanwhile, the main event of the day is FOMC Meeting Minutes, which is scheduled for 19:00 (GMT).
Resistance: 0.6605, 0.6666, 0.6736
Support: 0.6542, 0.6490, 0.6456
After Monday’s recovery of European stock markets yesterday their dynamics were completely negative. This was facilitated by another drop in the value of banks’ shares, as well as the decline in oil prices. Oil price fell after the news that the major oil-producing countries were able to agree only to freeze the volumes of oil production and not their reduction. Also, ta weak statistics on the Eurozone economy put some pressure on stock markets. Thus, Eurozone and Germany ZEW Economic Sentiment indexes were lower than in previous period. Today, the publication of U.K. Unemployment Rate at 09:30 (GMT) can influence the market. Also, investors will pay careful attention to FOMC Meeting Minutes at 19:00 (GMT).
Resistance: 9255.95, 6421.68, 9537.08
Support: 9093.16, 8926.59, 8771.27
Yesterday, the precious metal quotes dropped below the psychological level of $1,200 per ounce again. After that, against the background of oil price volatility, they again moved to increase. U.S. NY Empire State manufacturing index, which was higher than previous values, influenced the dynamics of trading. However, investors will pay attention to any American economic statistics in order to determine how strong the US economy to cope with a further increase in interest rates by the Fed. Today, special attention will be given to the publication of FOMC Meeting Minutes at 19:00 (GMT).
Resistance: 1214.19, 1231.89, 1262.75
Support: 1190.16, 1174.23, 1145.39