{"id":97194,"date":"2016-10-24T07:30:54","date_gmt":"2016-10-24T11:30:54","guid":{"rendered":"http:\/\/countingpips.com\/?p=97194"},"modified":"2016-10-24T07:30:54","modified_gmt":"2016-10-24T11:30:54","slug":"morning-call-market-overview-for-24-10-2016","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/morning-call-market-overview-for-24-10-2016\/","title":{"rendered":"Morning Call. Market Overview for 24.10.2016"},"content":{"rendered":"
October 24, 2016<\/div>
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Article By RoboForex.com<\/u><\/a><\/strong><\/p>\n

The Big Picture<\/h2>\n

Friday saw an important decision being reached in regard to the Euro-crisis. The small and rather unknown rating agency DBRS reported a positive outlook for Portugal. Doing so the agency credited Portugal\u00b4s progress in the reduction of its household deficit. The other three agencies S&P, Moody\u00b4s and Fitch rate Portugal\u00b4s bonds as junk. DBRS\u00b4s decision was keenly anticipated, as a downgrade would have made it difficult for the ECB to buy Portuguese debt in its bond buyback program. The ECB is not permitted to purchase junk bonds under it own rules and this would have led to Portugal experiencing vastly higher financing costs. In total, the Portuguese government now has more time to implement its reforms.<\/p>\n

\nDAX<\/h2>\n

The DAX is in a sideways trend.\u00a0 Resistance is at 10820, support at 10250.<\/p>\n

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Euro \/ USD<\/h2>\n

The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.<\/p>\n

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USD \/ JPY<\/h2>\n

The USD is in an upward trend.<\/p>\n

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Gold<\/h2>\n

Gold is in the process of bottoming. Support is at 1240 USD.<\/p>

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WTI Oil<\/h2>\n

WTI Oil is in an upward trend<\/p>\n

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Overnight:<\/h2>\n

German stocks traded almost unchanged over options expiry, the DAX rose 0.09%. Largest gainer was SAP, gaining 3.37% after announcing good trade in their cloud business. Daimler was on the losing side, dropping 2.09% after announcing a weaker outlook. US stocks were also in the spotlight of quarterly earnings. Heavyweight Microsoft rose 4.21% after releasing good earnings, which were also positively influenced by their cloud business. McDonalds rose 3.04% after good numbers and General Electric lost 0.31% on the back of a weaker outlook. Asian stocks \u00a0\u00a0start firmer in to the new week. The USD rises against the Euro and Yen. Gold trades softer and WTI Oil loses 0.59%.<\/p>\n

Economic Data:<\/h2>\n