Daily Market Report
As of today, the focus will be on the latest job data from the U.S. as investors await the release of the ADP employment change. Figures are expected to have fallen from 278K down to 226K.
On the opposite, the unemployment claims are due to rise from 239K to 247K. A few minutes later, investors will be looking for the ISM services PMI followed by crude oil inventories.
In the FX market, the U.S. Dollar rose against a basket of major currencies after the FOMC meeting minutes gave a boost to the Greenback. Looking now at the latest price development in Oil, we can see that WTI crude extended its advance after successfully breaking above $71.00 a barrel. Therefore, a potential continuation to the upside remains possible in the near term and can target the next resistance located at the 72.60 level. From a wider angle, prices are moving inside a wide range between 75.00 and 67.00 levels which can lead to more choppiness in the near future. Overall, as long as the 67.00 weekly support remains in place, oil prices are likely to stay supported in the coming days with the OPEC meeting in focus.