The Big Picture
WTI Oil has lost 10% in value since reaching a recent high of 52 USD 2 weeks ago. WTI Oil trades at 45.74 USD this morning, after losing 2.85% in yesterday trading. The drop in prices was triggered by the buildup of oil inventories, which according to the Energy Information Agency rose by 14.4 million barrels to 482.6 million in the last week. Analysts had only expected a rise of 1.5 million. The buildup of 3 % in the last week was the highest since 2008, which was caused by higher imports. In addition, high worldwide production put further pressure on prices. The agreed production cuts by Opec are increasingly being taken less seriously by investors.
The DAX is in a sideways trend. Resistance is at 10820, support at 10250.
Euro / USD
The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.
USD / JPY
The USD is in a short-term downward trend, major support is at 100.
Gold is in an upward trend
WTI Oil is in a downward trend
The downward pressure remains in German markets. The DAX lost 1.47%, largest losers being BMW, RWE and Commerzbank, each dropping 3 %. Highest gainer was Fresenius at +0.78%. Reasoning behind the weakness continues to be fear of Donald Trump becoming President, various polls already showing him in the lead. This also led the Euro to rise against the USD, which puts German export companies under pressure. The ADP employment figures were released in the USA, newly created jobs came in weaker than expected by analysts at 147000. The Fed remained unchanged. Facebook reported very good numbers, yet gave a weaker outlook. The stock dropped 8% in after-market trading. The S&P 500 lost 0.65%. Asian markets are undecided. The USD, Gold and WTI Oil are weaker.
13:30 USA: Initial Jobless Claims
14:45 USA: Market PMI
15:00 USA: Factory Orders
RoboForex Analytical Department
Germany: Adidas, Beiersdorf, ProSieben and Vonovia
USA: Starbucks, Symantec, Kraft Heinz
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