Daily Market News: August 29, 2014
August 29, 2014 11:50 amVideo
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August 29, 2014 – Daily Market News
Hot asset for today: EUR/USD
EUR/USD
Yesterday, the EUR/USD dropped to 1.3160 and erased around 80 pips. The pair was influenced by positive U.S. data that showed that U.S. Output rose by 4.2% during the last quarter, which is the highest increase since 2010. Looking at the overall progress of the U.S. economy, we have seen some solid data, and this should push the Fed to increase interest rates. Today, we might see more bearish movement as European inflation data is being released at 9am GMT. Inflation is expected to increase by just 0.3%, which is the lowest level since 2009. Low inflation is pressuring the European Central bank to use additional stimulus, which could be introduced at the next meeting (Thursday).
The movement is slightly bearish. Support is found at 1.3150 and resistance at 1.3220.
Trend: Slightly Down
USD/RUB
The USD/RUB increased to its highest level since 1993 and is moving towards the 37.00 level. The Russian Rubble depreciated over the last two months due to the crisis in Ukraine. With sanctions posted against the Russian market both the currency and stocks fell down. The pair is now reacting to potential sanctions being imposed from Germany and France if the conflict continues.
The movement is slightly bullish. Support is found at 36.50 and resistance at 37.00.
Trend: Slightly Up
Crude Oil WTI
On Thursday, WTI Crude Oil returned above $94.00/barrel as the market reacted positively to the U.S. GDP data. The improving economic outlook for the U.S. is increasing speculation over higher oil demand. This has pushed the price up to its current level of $94.80/barrel. In addition to bullish data, geopolitical tension has remained and therefore, the price is heading up.
The movement is slightly upwards. Support is found at 93.40 and resistance at 95.50.
Trend: Slightly Up
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