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MARKET BRIEFING – LONDON OPEN 24.03.2016
This morning will begin with the monthly report on the UK Retail Sales at 9:30 a.m. London time, released by the Office for National Statistics.
The Retail Sales indicator tracks a change in the total value of inflation-adjusted sales at the retail level. As the consumer spending constitutes the majority of a country’s economic activity, the announcement will likely to cause a volatility of the GBP pairs.
The change in the inflation-adjusted sales is forecasted to decline to -0.7%, after the 2.3% improvement in the February’s release. As British Pound continues to weaken, the figures lower than expected could put downward pressure.
Following that the weekly US Unemployment Claims data will come into the spotlight at 1:30 p.m. London time. Also known as Jobless Claims, the indicator represents a measure of completed unemployment insurance forms that were submitted by individuals for the first time within a previous week.
Initial jobless claims have a big impact on financial markets because it shows a new and emerging unemployment and provides a gauge of strength in the US labour market. As employment figures and consumer spending are directly correlated, the statistics give an overview of the US economic activity.
The forecasted value for today’s release stands at 267.000, with the expected increase from the previous 265.000 number.
At the same time, traders will be on the lookout for the US the monthly Core Durable Goods Orders report, which usually has a high impact on the FOREX market.
This report measures the change in the total value of new purchase orders placed with domestic manufacturers for delivery of durable goods, excluding transportation items. The value for the previous period was published as 1.8% while the forecast for this reporting period is -0.2%.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.1285
Target 2: 1.1070
Projected range in ATR’s: 0.0109
Daily control level: 1.1260
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.4260
Target 2: 1.3970
Projected range in ATR’s: 0.0147
Daily control level: 1.4400
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 113.50
Target 2: 111.20
Projected range in ATR’s: 1.14
Daily control level: 112.20
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.9840
Target 2: 0.9660
Projected range in ATR’s: 0.0091
Daily control level: 0.9670
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3355
Target 2: 1.3050
Projected range in ATR’s: 0.0152
Daily control level: 1.3020
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7630
Target 2: 0.7435
Projected range in ATR’s: 0.0098
Daily control level: 0.7650
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1243.00
Target 2: 1198.00
Projected range in ATR’s: 22.82
Daily control level: 1260.00
OIL
The intraday technical outlook
Trend 1 hour: Down
Target 1: 41.25
Target 2: 38.00
Projected range in ATR’s: 1.62
Daily control level: 42.60
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