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Home / Analytics / Forex analysis & forecasts / Market Overview / Morning Call. Market Overview for 21.11.2016
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Morning Call. Market Overview for 21.11.2016

21.11.2016

The Big Picture

The die is cast; on Sunday German chancellor, Merkel announced that she would once again be the CDU candidate for the 2017 election. Merkel stressed that she did not reach this decision with ease and had given it a lot of thought. It is of great importance to her, that in these politically difficult times, with subject such as the refugee crisis, Brexit, the rise of populist tendencies and Donald Trump´s presidency, her experience will stand for stability. She will also try to stop a left leaning coalition for obtaining power. Her style of governing will not change; rather it will be business as usual. Germans 5 top economists are criticizing that Germany is to slow in making reforms in areas such as pensions in light of good economic conditions.

DAX

The DAX is in a sideways trend.  Resistance is at 10820, support at 10250.




Euro / USD

The Euro is in a downward trend.




USD / JPY

The USD is in an upward trend




Gold

Gold is bottoming; support is seen at 1200 USD




WTI Oil

WTI Oil is in an upward trend




Overnight:

Trade in German equities was dominated by options expiry on Friday. The DAX traded on its daily lows toward index option expiry at 13:00, then trading an upward trend to 15:00. The DAX closes -0.20%. Largest gaining stock was ProSiebenSat.1 at + 2.67%. The utility provider RWE and E.ON were the day´s largest losers. Wall Street traded down after a quiet start. The S&P 500 lost 0.24%, the weakness coming from the tech sector. The Nasdaq lost 0.38%, solar stocks showing further weakness. First Solar dropped 6.26% to a new yearly low, having lost 50% of its value since March. The Nikkei 225 starts the new week at +0.68%. Gold and WTI Oil trade up and the USD is unchanged.

Economic Data:

  • 14:30 USA: Chicago Fed National Activity

Quarterly Results:

  • No relevant data

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Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.