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Daily Market Review — 28/01/2016

Daily Market Review — 28/01/2016

Forex

EUR/USD

EURUSD (00000005)

During yesterday’s trading day the pair showed significant growth, caused by Fed interest rate decision. The Fed was concerned about the ongoing problems in the global economy, which are having a negative impact on the US economy. In addition, the strong dollar hinders, to some extent, the achievement of the inflation rate of 2%. The strength of the dollar has a negative impact on exports, which leads in turn to a drop in GDP. However, the Fed is not ruling out the possibility of a rate hike at the March meeting, but this step will depend entirely on incoming economic data. Today, market participants should look at the Eurozone business and consumer survey index, which will be presented at 10:00 (GMT). Also, pay attention to the publication of Germany consumer price index at 13:00 (GMT). Meanwhile, data on the US labor market and durable goods orders, which will be published at 13:30 (GMT), will be important.

Resistance: 1.0904, 1.0941, 1.0975
Support: 1.0835, 1.0803, 1.0769

GBP/JPY

GBPJPY (00000002)

During yesterday’s session the pair showed a negative trend, due to the depreciation of the British pound. The pound has recently been under pressure as the market suffered from the expectation of a rate hike by the Bank of England at the beginning of 2017. Also, market participants are focused on the UK potentially leaving the European Union. Also, the dynamics of oil prices put some negative pressure on the UK currency. Meanwhile, today publication of data on the UK GDP for the fourth quarter of 2015 in the preliminary assessment, which is scheduled for 09:30 (GMT), will have a significant impact. Also, tomorrow the Bank of Japan may expand stimulus measures. If this happens, the Japanese currency would come under pressure.

Resistance: 170.27, 171.65, 173.32
Support: 168.14, 166.20, 164.40

 

Stock Market

FTSE Futures in the Green Zone

FTSE (00000005)

Yesterday major stock indexes in Europe closed, helped by rising oil quotations. However, some pressure on the stock markets yesterday was levied by weak corporate reporting companies in the region. The US Fed kept the basic interest rate at 0.25-0.5%, unchanged which also influenced the market. Meanwhile, the US regulator has signaled the possibility of a rate hike at the meeting in March. Let us remember that low interest rates support the stock market, because it reduces the cost of maintenance of corporate loans. Today an important event for investors will be data on the UK GDP which will be announced at 09:30 (GMT). Also, the statistics on the US labor market and durable goods orders, which will be presented at 13:30 (GMT), will influence the market.

Resistance: 6024.56, 6108.98, 6158.00
Support: 5895.20, 5802.61, 5688.32

 

Commodities

GOLD

Gold (00000006)

During the first half of yesterday’s trading day, the price of gold fell against the background of dollar’s strengthening before the Fed’s interest rate decision. Also, statistics on US new home sales created some pressure, which was better than the average forecast of 544,000 by 44,000. Meanwhile, after the Fed Interest Rate Decision and FOMC’s Statement the price of gold increased by $10. Investors tried to find hints of further steps the regulator may take in the FOMC Statement. It is worth noting that after the statement, investors concluded that the probability of a rate hike in March was lessened. Let us remember, low interest rates are supporting gold, as it is easier to compete with higher-yielding assets. In the case of a rates hike, gold is no longer in high demand, as it is creating less income and is used mainly as a protective asset. Today, the dynamics of trading may be influenced by the publication of US statistics, which is scheduled for the afternoon.

Resistance: 1122.99, 1132.17, 1146.45
Support: 1112.73, 1102.52, 1094.94