Morning Call. Market Overview for 23.09.2016
23.09.2016
The Big Picture:
There are only 46 days left until the elections in the USA. The Republican Presidential candidate Donald Trump has, in surveys, narrowed the gap to Hillary Clinton. US and German media judge Trump very critically, additionally it is very difficult to even find a German politician who might favor him. In spite of this bad press, public opinion is rising his way, as he is able to use negativ reporting to his advantage. The media not having understood that they have become election helpers. Hillary Clinton saying that half of all Trump supporters are „deplorables“, doing her no favors. The same situation, could be said for Germany, the more politicians and media attack our right leaning AfD, the stronger the AfD will be by the general elections. In a democracy, the populace doesn´t want to be told what to think.
DAX
The DAX is in an 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 downward trend against the Yen. Strong support is seen at a closing level of 100.
Gold
Gold is in a sideways trend. Strongest resistance is seen at 1375 USD and support at 1300 USD
WTI Oil
WTI Oil has reverted its trend and us trending upwards
Overnight:
The DAX surged after the Fed´s interest decision, gaining 2.28% with all 30 Stocks gaining. Biggest gainers were RWE and Deutsche Telekom. Telkom´s CEO Timotheus Höttges announced a reorganisation of its German business, which gained investor approval. The possibility of further expansive monetary policy lifted US stocks. The tech index Nasdaq 100 managed to reach a new all-time high. Central banks globally are giving investors a feeling of security and contentment, leaving them in the firm belief of never ending cheap money. The Nikkei 225 saw profit taking, losing 0.24%. The USD gains on the USD and Yen. Gold softens and WTO Oil drops 1.08%.
Economic Data:
- 09:30 Germany: Market PMI
- 15:45 USA: Manufacturing PMI
USA Quarterly Results:
- No relevant data
RoboForex Analytical Department
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.