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Daily Market Insight
Content
Global Economic Update
Currencies
Indices
Commodities
Economic Calendar
Indices

Global Economic Update

Europe

On a quarterly basis, in the UK, the second estimate of gross domestic product (GDP) recorded a rise of 0.2% in 1Q17, lower than market expectations for a rise of 0.3%. In the previous quarter, GDP had advanced 0.7%. The preliminary figures had indicated an advance of 0.3%.

BBA mortgage approvals in the UK recorded a drop to 40.75 K in April, lower than market expectations of a drop to a level of 40.80 K. BBA mortgage approvals had recorded a revised reading of 40.87 K in the previous month.

The seasonally adjusted industrial orders in Italy slid 4.2% in March on a monthly basis. Industrial orders had climbed by a revised 5.2% in the prior month.

In March, on a monthly basis, the seasonally adjusted industrial sales registered a rise of 0.5% in Italy. In the previous month, industrial sales had advanced 2.0%.

US

The seasonally adjusted initial jobless claims rose to a level of 234.0 K in the week ended 20 May 2017, in the US, compared to market expectations of an advance to a level of 238.0 K. In the prior week, initial jobless claims had recorded a revised level of 233.0 K.

In April, the seasonally adjusted preliminary wholesale inventories registered an unexpected drop of 0.3% on a monthly basis in the US, less than market expectations for an advance of 0.2%. The wholesale inventories had advanced 0.2% in the prior month.

In the US, the seasonally adjusted continuing jobless claims climbed to 1923.0 K in the week ended 13 May 2017, compared to a revised level of 1899.0 K in the prior week. Market expectation was for continuing jobless claims to rise to 1925.0 K.

In May, the Kansas City Fed manufacturing activity index in the US advanced to 8.0, compared to market expectations of a rise to 9.0. The Kansas City Fed manufacturing activity index had recorded a level of 7.0 in the prior month.

Asia

In Japan, the national consumer price index (CPI) advanced 0.4% on an annual basis in April, meeting market expectations. In the prior month, the national CPI had advanced 0.2%.

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EUR/USD

EURUSD

The Euro strengthened against the US Dollar in the New York session yesterday, closing 0.12% higher at 1.1215.

At GMT 0500, the Euro is trading at 1.1202 against the US Dollar, 0.12% lower from the New York close.

The Euro hit a high of 1.1226 and a low of 1.1198 against the US Dollar in the New York session.

On the technical indicator front, the Stochastic RSI has crossed 0.5 from below and the Aroon Oscillator has crossed zero from below.

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GBP/USD

GBPUSD

In the New York session yesterday, the Pound weakened 0.12% against the US Dollar to close at 1.2939.

The pair is trading at 1.2879 at GMT 0500 in the Asian session, with the Pound trading 0.46% lower against US Dollar from the New York close.

The pair witnessed a high of 1.2967 and a low of 1.2932 in the New York session.

In technical indicators, the Stochastic Oscillator has moved down from the overbought region and the price has moved below the upper Bollinger Band.

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USD/JPY

USDJPY

The USD traded marginally lower against the JPY in the New York session yesterday, with the pair closing the session at 111.83.

The pair is trading at 111.45 at GMT 0500 in the Asian session, with the US Dollar trading 0.34% lower against Yen from the New York close.

In the New York session, the pair traded at a high of 111.95 and a low of 111.65.

The pair is expected to find its first support at 111.26 and first resistance at 111.80. The second support is expected at 111.06 and second resistance at 112.14.

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EUR/GBP

EURGBP

Yesterday, the Euro traded 0.25% higher against the Sterling in the New York session and ended at 0.8668.

In the Asian session, at GMT 0500, the pair is trading at 0.8698, with the Euro trading 0.35% higher against Sterling from the New York close.

The pair witnessed a high of 0.8668 and a low of 0.8644 in the New York session.

The pair is expected to find its first support at 0.8660 and first resistance at 0.8717. The second support is expected at 0.8621 and second resistance at 0.8736.

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AUD/USD

AUDUSD

Yesterday, the Aussie Dollar traded 0.08% lower against the US Dollar in the New York session and ended at 0.7457.

In the Asian session, at GMT 0500, the pair is trading at 0.7433, with the Aussie Dollar trading 0.32% lower against US Dollar from the New York close.

The AUD hit a high of 0.7480 and a low of 0.7451 against the USD in the New York session.

The pair is expected to find its first support at 0.7399 and first resistance at 0.7489. The second support is expected at 0.7366 and second resistance at 0.7546.

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Major Indices

Major Indices
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FTSE 100

FTSE 100

The FTSE 100 rose marginally yesterday and closed at 7517.71. During the day, the index traded at a high of 7529.74 and a low of 7497.07.

On the technical indicator front, the Parabolic SAR has crossed the price from above and the price crossed its Simple Moving Average from below.

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Dow

DOW

The DJIA rose 0.34% yesterday and closed at 21082.95. During the session, the index traded at a high of 21112.32 and a low of 21051.41.

The DJIA is expected to find the first support at 21,052.13, and the next support at 21,021.32. The index is expected to find the first resistance at 21,113.04, and the next resistance at 21,143.14.

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Nasdaq Composite

NASDAQ

The Nasdaq Composite strengthened 0.69% yesterday and closed at 6205.26. During the session, the index traded at a high of 6217.34 and a low of 6184.54.

The Nasdaq Composite is expected to find the first support at 6,187.42, and the next support at 6,169.58. The index is expected to find the first resistance at 6,220.22, and the next resistance at 6,235.18.

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Major Commodities

Major Commodities - Yearly Performance

Commodities
Gold/Silver
Crude/Corn
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Gold ($/oz)

Gold

Gold rose in the New York session yesterday, closing 0.09% higher at USD 1259.10 per ounce.

At GMT 0500, the precious metal is trading at USD 1261.30 per ounce, 0.17% higher from the New York close.

Gold hit a high of USD 1261.00 per ounce and a low of USD 1256.90 per ounce in the New York session.

The precious metal is expected to find its first support at USD 1257.40 per ounce and first resistance at USD 1264.00 per ounce. The second support is expected at USD 1253.50 per ounce and second resistance at USD 1266.70 per ounce.

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WTI Crude ($/barrel)

Crude Oil

Yesterday, crude oil traded 3.75% lower in the New York session and ended at USD 48.79 per barrel.

At GMT 0500, the commodity is trading at USD 48.62 per barrel, 0.35% lower from the New York close.

Crude oil witnessed a high of USD 51.22 per barrel and a low of USD 48.45 per barrel in the New York session.

In technical indicators, the Positive Directional Indicator (+DI) has crossed above the Negative Directional Indicator (-DI) and the Percentage Price Oscillator has risen above zero.

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