Fundamental analysis for November 06, 2015

6 November, 2015

Fundamental analysis for November 06, 2015

The euro fell against the dollar, the yen and the British pound. Not only the US messages put pressure on the euro. The European bloc news also reduced the demand for the euro. The Markit service sector indicators last estimate showed the initial data correction towards an increase in the euro area and Germany as a whole. The October service sector purchasing managers index (PMI) fell to 54.1 from 54.2 and to 54.5 from 55.2 in the largest European economy. Accordingly, composite indicators were reduced, including also the manufacturing sector data.

The British pound was also sold against the dollar on the yesterday's trades, but in this case, the main factor was the pressure caused by the US economic data and the Fed governor statements. The UK economic statistics has given good results on the service sector activity that is the main economic field. According to the Markit Company, the UK service sector PMI (PMI) rose up to 54.9 in October from 53.3 in September when the forecast assumed that it would be decreased only to 54.5. This increase could signal that the 3rd quarter national economy slowdown could be temporary for the first time since June.

The pair USD/JPY continued to rise and has risen to the new intraday highs. Additional support for the dollar against the Japanese currency came from the US economic data and the Fed speech. Yesterday Japan did not publish anything important.


Source link  
Pound tested 1.3200 and stopped

The buying interest persists in the market. All technical indicators are positive supporting buy orders. The resistance lies at 1.3300, the support comes...

Brent failed to approach 49.50

Sellers kept driving the benchmark lower the whole night and found an obstacle at 48.50. The resistance lies at 49.50, the support lies in at 48.50 dollars...

DAX index turned bearish

The benchmark broke 12600 first and then weakened down to 12527. Bulls returned control in the early European session and returned the price to 12600...


Gold bounced from its upper limit

We expect the spot to retest 1240 in the short-term. Should sellers succeed they may lead the pair down to 1230. If the level stands the spot...

Gold price reached important target

The prices have reached their important target of 1260 and this was only a bounce and a correction of the downtrend...

Dollar setback due to recent PCE date

Today is last day of the month and FED's members speeches are to be announced therefore the market volatility growth is expected...


Gold has jumped to 1265 level

The resistance holds at 1280, support comes in at 1245.9. Major resistance is highlighted at 1295.4. Next target is set at 1350...

Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...

  


Share: